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.........

Saturday, March 20, 2010

For Greek PM Silence is golden...[ 757 ]


Greece's Risky Rhetoric

WALL STREET JOURNAL * Heard on the Street
BY RICHARD BARLEY, March 19,2010

Message to George Papandreou: Silence is golden. Thursday, the Greek prime minister called on European leaders to agree next week to a package of standby loans to buy his country breathing space on reform.

But every time Mr. Papandreou opens his mouth to complain about the lack of European Union support for his country, or hints that he might go to the International Monetary Fund for aid instead, he actually makes the job of financing his country's deficit more difficult.

( This is not the full and complete Article, it will be posted when I will secure it )

20-3-2010 - *** here is the full article

The Full Article By RICHARD BARLEY

Message to George Papandreou: Silence is golden. The Greek prime minister Thursday called on European leaders to agree next week on a package of standby loans to buy Greece breathing space on reform. But every time Mr. Papandreou complains of a lack of support for the nation or hints he will tap the International Monetary Fund, he makes financing Greece's deficit tougher.

Mr. Papandreou's fear: that high borrowing costs will dilute the impact of budget measures already announced. But by discussing the need for support, he risks raising investors' concerns that Greece has a problem with market access, when it doesn't. Greece has sold €13 billion ($17.9 billion) in bonds this year, with the latest sale just two weeks ago.

Sure, Greece is paying a high price to borrow. This year's bond issues yielded over 6%. But Greek borrowing costs are falling. Its 10-year bonds now yield 2.8 percentage points more than German debt, well below the peak of four percentage points in January. That spread should continue to tighten as the country rebuilds fiscal credibility.

There is also a limit to how far yields can fall. Ireland, with a similar budgetary challenge and a struggling banking system but greater market credibility and higher credit ratings, would pay about 1.3 percentage points over German bonds to borrow 10-year money. And the market knows Greece faces a €16 billion bond refinancing hump in April and May. Greek spreads might tighten at best to 1.8-2.0 percentage points over bunds medium term.

Mr. Papandreou's misguided communications are an obstacle to costs falling to even these levels. If he is serious about reducing borrowing costs, he needs to recognize there are no shortcuts—and no alternative to the tough changes that Greece has ducked for so long.

—Richard Barley Printed in The Wall Street Journal
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