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.

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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.........

Friday, April 23, 2010

Greece activates the Debt-rescue Mechanism.. [ 1030 ]

Greece 'to activate EU/IMF loans'

Greece flat

Greece is desperately trying to keep its financial flag flying

BBC , Friday, 23 April 2010 11:08 UK

Greek Prime Minister George Papandreou is expected to ask for activation of the EU/IMF debt rescue mechanism, it has been reported.

It follows negotiations with eurozone nations and International Monetary Fund over the details of an emergency rescue package.

It comes a day after data showed a worse-than-expected budget deficit of 13.6% of gross domestic product.

Credit rating agency Moody's also cut its rating on Greek debt on Thursday.

Mr Papandreou is visiting the Aegean island of Kastellorizo before travelling to Washington for a meeting with the IMF.

After news of his potential announcement the euro climbed back from a one year low against the dollar, to $1.333.

Spending cutbacks

The loans package has been put together to help pull the eurozone member out of its debt crisis.

Greece is swamped by 300bn euros of debt and needs to borrow about 54bn euros this year alone.

In the middle of April finance ministers of the 16 eurozone nations agreed to provide up to 30bn euros (£26bn) in emergency loans for debt-hit Greece should it ask for them.

At the time they offered a three-year financing programme at interest rates of about 5%, based on IMF formulas.

Meanwhile, spending cutbacks being introduced by Athens to restore its finances are being resisted.

On Thursday, tens of thousands of Greek civil servants staged a strike to protest against the austerity programme.

Protesters have been demonstrating in Athens, not far from where officials from the IMF and European Central Bank are meeting to determine the fine details of a financial rescue package for Greece.

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