Greek Economy – Greek Homes http://greekhomes.info/ Mon, 21 Nov 2022 12:18:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://greekhomes.info/wp-content/uploads/2021/04/default.png Greek Economy – Greek Homes http://greekhomes.info/ 32 32 Swiss Ambassador Estermann: Greek sovereignty over the islands is indisputable http://greekhomes.info/swiss-ambassador-estermann-greek-sovereignty-over-the-islands-is-indisputable/ Mon, 21 Nov 2022 12:18:37 +0000 http://greekhomes.info/swiss-ambassador-estermann-greek-sovereignty-over-the-islands-is-indisputable/ ATHENS – “For us, international law is a central issue because, as a small country, we must be able to rely on the force of law. I believe we agree on this position with Greece,” the new Swiss ambassador to Greece, Stefan Estermann, said in an interview with the Athens-Macedonian News Agency. “Switzerland considers that […]]]>

ATHENS – “For us, international law is a central issue because, as a small country, we must be able to rely on the force of law. I believe we agree on this position with Greece,” the new Swiss ambassador to Greece, Stefan Estermann, said in an interview with the Athens-Macedonian News Agency.

“Switzerland considers that the legal status of the Greek Aegean Islands is clearly defined in the relevant international agreements. Issues related to the precise delimitation of the maritime borders of the exclusive economic zones must be resolved peacefully and through dialogue with bilateral agreements, as Greece did with Egypt and Italy in 2020. This clearly shows that Lasting agreements are possible if there is a will for them” he noted and added: “Threats, unilateral measures and the creation of fait accomplis obviously do not help. If, despite all this, solutions cannot be found, there are means through international tribunals or arbitration. Threats of war and the threat to use force are inadmissible and unacceptable. The status of the Aegean islands is clearly established by international law and Greek sovereignty over the islands in question is indisputable”.

Regarding migration, Ambassador Estermann underlined that “Switzerland is following developments closely and has observed an increase in irregular migration from Turkey to Greece, Italy and Cyprus in recent months. In order to protect human lives, the objective of each state entity must be to respect international obligations and at the same time to fight against illegal human trafficking networks. Only then can we avoid tragedies such as those that occurred near Lesvos and Kythera, as well as on the land border. Switzerland and Greece have been cooperating for several years on migration. Switzerland has funded projects and participated in EU relocation programs. Another step was taken on October 14, when the head of the Federal Department of Justice and Police, Karin Keller-Sutter, and the Minister for Migration Notis Mitarachi, signed an agreement in Luxembourg providing for the contribution of 40 million Swiss francs to supporting asylum centers, voluntary returns and integration measures in Greece.

Regarding the bilateral relations between the two countries, the Swiss ambassador noted that “we can only describe them as excellent. I want to continue to build on them and exploit the possibilities more. For me, it is an essential fact that our two countries are European nations and are part of the richness and diversity of this continent. It is also together that we must face the future, which, as we know, is not without great challenges. Therefore, my goal is to conduct with our Greek partners a broader dialogue on European politics, without excluding the current fragile geopolitical situation. Another sector that certainly deserves to be developed is that of science, research and innovation. Our two countries have few raw mineral resources. However, our main resource is the “gray matter” in our brain. And there, I see certain developments in Greece that Switzerland could learn from: for example, in the digitization of the public sector. A sector that we must always take into account for the future is that of IT, in which there is currently a very promising development in Greece”.

Ambassador Estermann also mentioned the energy sector, “in which Greece is repositioning itself by leaps and bounds and which is also of great interest to Swiss investors. Energy, climate and the economy are a key issue for all of Europe. Greece has realized its potential as an energy hub in South Eastern Europe. I am impressed by developments in renewable energy sources. I also find extremely interesting the initiative of the Greek government to transform small individual islands into models of sustainable energy saving and self-reliance.

Regarding tourism, he underlined: “Greece is an extremely popular destination in my country, with around half a million visitors a year. From a purely statistical point of view, the entire Swiss population has been to Greece in about 16 years.” Based on current numbers, it appears that “in 2022 we will return to pre-pandemic levels and possibly surpass them,” he said, while also expressing belief that “we can explore even more tourist possibilities with offers outside the main summer season and outside the beaches and islands. The interior of Greece also has much to offer the Swiss, who like to explore nature on foot and by bicycle.

The new Swiss Ambassador also examined the historical relations of the two countries and the contribution of Ioannis Kapodistrias, noting: “It was thanks to his intervention that the Federal Treaty of 1815 was born, precursor of the first modern Swiss Federal Constitution of 1848.” He added that “Geneva became the center of the philhellenic movement in Europe during the 1920s in the 19th century, many notable figures participated in the struggle for freedom and helped build the new Greek state. From this very important time for both countries came very close ties that are still evident to this day and continue to be cultivated. We are linked in European history and share the values ​​and ideals of independence that we fought for at that time.

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Estate agents note Balkan interest in Thessaloniki http://greekhomes.info/estate-agents-note-balkan-interest-in-thessaloniki/ Sat, 19 Nov 2022 18:56:06 +0000 http://greekhomes.info/estate-agents-note-balkan-interest-in-thessaloniki/ Thessaloniki. The Thessaloniki property market has recently shown an increase in activity across all its categories, delegates at the Prodexpo Nord conference agreed on Wednesday. Greece’s second largest city has considerable potential for office space and modern hotels, while currently undergoing major infrastructure projects. (NAMA) The number of Balkan nationals looking for property to buy […]]]>

Thessaloniki. The Thessaloniki property market has recently shown an increase in activity across all its categories, delegates at the Prodexpo Nord conference agreed on Wednesday. Greece’s second largest city has considerable potential for office space and modern hotels, while currently undergoing major infrastructure projects. (NAMA)

The number of Balkan nationals looking for property to buy in Thessaloniki has increased exponentially, real estate agents told the forum “Tourism, real estate, transport and infrastructure in Greece and South Eastern Europe” on Friday. of Philoxenia in the northern port city.

Real estate agents noted that potential investors were willing to pay up to €1 million, as Israeli investors froze their plans due to the energy crisis and market uncertainty.

The majority of estate agents participating in the forum took a stand against increasing the level of investment in the Golden Visa program from the current €250,000 to €500,000. The program offers real estate investors at such amounts a multi-year residence permit that includes their relatives.

Estate agents said on Friday that upcoming changes to visa criteria did not reflect the low supply of luxury homes in Greece. As Kostas Georgakos, President of the Greek-Serbian Chamber of Northern Greece and CEO of Georgakos & Parthenon RE explained, “It’s no secret that Balkan people’s dream is to own a property in Thessaloniki and northern Greece”.

He attributed the increase in interest to rising living standards and low property prices in the city compared to those in the Balkans. In Belgrade, a square meter costs €12,000, he noted, compared to €3,000/m². for a new apartment in Thessaloniki.

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Economics is all Greek to Democrats, by R. Emmett Tyrrell http://greekhomes.info/economics-is-all-greek-to-democrats-by-r-emmett-tyrrell/ Thu, 17 Nov 2022 06:15:48 +0000 http://greekhomes.info/economics-is-all-greek-to-democrats-by-r-emmett-tyrrell/ WASHINGTON – I’ve spent the last two weeks in Greece, namely Athens and Crete, cruising the waters of the Aegean Sea and sampling the cuisine, which is superb, almost as superb as the ancient monuments. Frankly, the lying practiced on this side of the Atlantic in the recent elections had become too much for me […]]]>

WASHINGTON – I’ve spent the last two weeks in Greece, namely Athens and Crete, cruising the waters of the Aegean Sea and sampling the cuisine, which is superb, almost as superb as the ancient monuments. Frankly, the lying practiced on this side of the Atlantic in the recent elections had become too much for me to tolerate. I needed a break from the election year nonsense. So, I left for a region of the globe where when the inhabitants say: “Everything is Greek to me”, they really mean it. Nobody complains. Moreover, when they say their democracy is in trouble, they know what they are talking about. Athens is where democracy was first tested, and it seemed to work…at least for the first millennia.

However, in modern times, Greek democracy collapsed. It started with the economy, as is often the case. About 20 years ago, the Socialist Party of Greece took power and started spending money like the proverbial drunken sailor. Eventually, the Conservative Party returned to power, promising a return to the good old days of balanced budgets, or at least relatively balanced budgets. Yet the Conservatives had changed. Rather than reject the spendthrift socialists, the conservatives simply embraced the new socialist economy. The Conservatives thought they had learned how to stay in power for years, and they spent the money like crazy. They made the socialists look like radishes. The two sides battled to give the country away, and in no time Greece was Europe’s basket case.

Whose fault is it, the socialists or the conservatives? I would blame the Conservatives. Socialists are supposed to redeem the electorate with welfare, and they do. Conservatives are expected to practice conservatism. Instead, they joined the socialists in a race to bankrupt the country. The result is that both parties contributed to the resulting debauchery.

After a few weeks of splendid meals and sightseeing in exquisite temples and other ancient monuments, I returned to America. There I discovered – to my surprise – that America was re-electing a fair number of drunken sailors. In an election that should have rejected our socialists, we let too many stay in place. They will continue to spend the money we don’t have and fuel the inflation that eats away at our wallets. That is, we will spend the money we don’t have to fuel the same inflation that the electorate recognizes is ruining our economy. Most voters in the last election complained that inflation was their biggest fear. When sleepy Joe Biden brags about the money he spent, he brags about the inflation he caused.

The whole country didn’t go wild while I was gone. Florida citizens have been exemplary in statewide elections. It was the same for the citizens of Georgia, Ohio, and North Carolina. In fact, the electorate of much of the Midwest, South and Cowboy West was splendid. But spendthrifts in California, much of New York, many coastal states behaved like modern-day Greeks. Imagine appropriating a trillion dollars for most of the boondoggle under the heading “Cut Inflation Act”. What would Orwell say?

Our problem is not just our politics. It is our culture. Before a country commits political suicide, it commits cultural suicide, or at least cultural insanity. The recent election craze began in the late 1960s with the Coat and Tie radicals. A generation ago, people understood where inflation was coming from. It came from too much money chasing too few goods. In recent elections, Republicans have mostly explained to the electorate where inflation is coming from and how to fight it. The electorate in California, New York and a few other states was distracted by Donald Trump, abortion and other fleeting issues. The majority of the electorate was focused on the right issue, but a significant number of them lost their focus when it came time to vote. As a result, inflation will last for a long time. Worse still, the Coat and Tie Radicals have now been replaced by a new generation. They call themselves the Woke. They are even more extreme than the Coat and Tie Radicals.

Glory to Ukraine!

R. Emmett Tyrrell Jr. is founder and editor of The American Spectator. He is a Senior Fellow at the London Center for Policy Research and the most recent author of “The Death of Liberalism”, published by Thomas Nelson, Inc.

Photo credit: 3844328 on Pixabay

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The Greek economy is expected to grow by 1% in 2023 http://greekhomes.info/the-greek-economy-is-expected-to-grow-by-1-in-2023/ Sat, 12 Nov 2022 06:31:56 +0000 http://greekhomes.info/the-greek-economy-is-expected-to-grow-by-1-in-2023/ Greece’s economy will remain in the black next year, but growth will slow to 1% from 6% this year, according to the European Commission’s autumn forecast released on Friday. It should still avoid the recession that threatens several other countries in the euro zone. Brussels’ projection for next year is significantly lower than the government’s […]]]>

Greece’s economy will remain in the black next year, but growth will slow to 1% from 6% this year, according to the European Commission’s autumn forecast released on Friday. It should still avoid the recession that threatens several other countries in the euro zone.

Brussels’ projection for next year is significantly lower than the government’s 2.1%, while also including a persistent inflation rate of 6%, compared to the government’s estimate of 3%. This is even better than the average euro zone growth of 0.3% and inflation of 6.1% (7% for the whole of the European Union).

Towards the end of 2023, growth is expected to accelerate, while in 2024 it will reach 2%. A loss of income is also expected, as nominal wages will rise less than inflation. The main risk highlighted is the possible burden on tourism of the decline in household incomes in the countries of origin of visitors.

The Commission also forecasts that Greece will return to primary surpluses in 2023 as well as a sharp reduction in debt, even if the support it has provided to households and businesses in the face of the energy crisis, which was not targeted, was among the highest in Europe at 2.3% of GDP, as Economy Commissioner Paolo Gentiloni reminded us. A primary surplus of 1.1% of GDP is forecast, higher than the 0.7% forecast in the draft budget, while for 2024 it should reach 2.2% of GDP. At the same time, the debt will fall to 161.9% of GDP in 2023 (from 171.1% this year) and will plunge again to 156.9% of GDP in 2024. The draft budget forecast a debt of 169 .1% of GDP this year and 161.6% in 2023, so it is almost identical to the Commission.

“Today’s EU forecast certifies that amid the most intense energy crisis and inflationary pressures in decades, the Greek economy is growing steadily and strongly, showing remarkable resilience. in the years to come”, commented the Minister of Finance Christos Staikouras.

The government is now expected to adjust its forecasts to bring them closer to those of the Commission in the final draft budget that the Ministry of Finance will submit to Parliament over the next 10 days.

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Cybersecurity and the call for more action http://greekhomes.info/cybersecurity-and-the-call-for-more-action/ Fri, 11 Nov 2022 07:20:16 +0000 http://greekhomes.info/cybersecurity-and-the-call-for-more-action/ By Constantine Passaris. Recently, I was invited by the Society of Greek Scientists to speak at their first international virtual conference on “Cyber ​​Security and the New 21st Century Global Economy”. Today, cybersecurity is a priority for individuals, civil society, businesses, financial institutions and governments at all levels. The Greek Scientist Society was founded two […]]]>

By Constantine Passaris.

Recently, I was invited by the Society of Greek Scientists to speak at their first international virtual conference on “Cyber ​​Security and the New 21st Century Global Economy”. Today, cybersecurity is a priority for individuals, civil society, businesses, financial institutions and governments at all levels.

The Greek Scientist Society was founded two years ago by Theo Zacharis in the UK. It serves as an intellectual center for Greeks in the Diaspora as well as their compatriots in Greece and Cyprus. Current members of the society include scholars, intellectuals, scientists, technologists, industrialists, entrepreneurs and a myriad of other professionals who reside on five continents.

My presentation reminded the audience of the incredible technological innovations that are available to civil society, businesses and governments. At the same time, we face huge cyber threats that we face on a daily basis. In my opinion, cyber-vulnerability is the contemporary Achilles heel of humanity.

The rise of the new global economy of the 21st century has highlighted the importance of cybersecurity for social and economic institutions. He underscored the urgency of dealing with cyber threats in order to protect individuals, civil society, businesses, financial companies and governments.

The new global economy of the 21st century has precipitated transformational technological change. Never in human history has the pace of structural change been so rapid and profound. The signature of the new economy is new ideas, new technologies and new directions.

At the same time, cyber insecurity poses the greatest threat to mankind as it reaps the rewards of immense technological advancements and reaps the economic benefits of scientific breakthroughs.

The new global economy rests on three pillars. These are internetization, trade liberalization and the information technology revolution. Internetization is a new word and concept that I have introduced into the economic lexicon. It describes the empowerment of the new global economy through global reach and electronic connectivity. Indeed, internetization is globalization on steroids. Second, free trade has deepened global economic integration and broadened the economic architecture. Third, the computer revolution has made geography and time irrelevant. All of these pillars of the new economy are supported by a virtually borderless world with tremendous capacity for electronic connectivity.

The first three decades of the 21st century have recorded a cataclysmic trifecta. Starting with the global financial crisis of 2008 which hit most financial institutions hard. Followed by the prolonged Great Recession which led to a sharp decline in economic growth accompanied by high levels of unemployment. In the third decade, COVID-19 created a global tsunami of economic devastation.

What do these three cataclysmic events have in common? They are global in nature and driven by digital connectivity. It is undeniable that internetization has revolutionized our personal lives and the functioning of contemporary businesses. It redefined the new global ecosystem.

Indeed, 95% of our social and economic existence in the 21st century happens online. As such, we are significantly exposed and vulnerable to cyberattacks and malfeasance. These disruptive forces drive up costs, impede progress, and diminish the full realization of humanity’s ambitions.

As a result, cybersecurity has become the dominant conversation of the third decade of the 21st century. The reason is that malicious cyber intrusions can prevent mankind from progressing in reaping the benefits of the current wave of technological innovations.

Increasingly, the age of internetization has precipitated an accelerating speed of constant change and the emergence of enhanced automation, robotics, artificial intelligence and the Internet of Things. The rapid, extensive and diverse array of electronic innovations is setting off cybersecurity alarms that reveal our high level of exposure to digital risk.

In conclusion, the paradigm of the wealth of nations is no longer limited to the resources under our feet but depends on the gray matter between our ears. Accordingly, we must embrace internetization as our ally in the progress of mankind, but we must be vigilant against cyber threats, protect our institutions against cyber threats, and build the appropriate firewalls. Moreover, we must usher in a new era of collaborative multilateralism among all nations that will purposefully solve our contemporary economic, social, digital and environmental challenges.

Let us therefore resolve to embrace the need for urgent action on cybersecurity and create a safer and more resilient path to the continued progress and prosperity of humanity. Constantine Passaris is a professor of economics at the University of New Brunswick, an affiliate member of the Canadian Institute for Cybersecurity and an Onassis Foundation Fellow.

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Greece becomes a hub for supplying LNG to the Balkans, Central Europe and Ukraine http://greekhomes.info/greece-becomes-a-hub-for-supplying-lng-to-the-balkans-central-europe-and-ukraine/ Tue, 08 Nov 2022 12:11:02 +0000 http://greekhomes.info/greece-becomes-a-hub-for-supplying-lng-to-the-balkans-central-europe-and-ukraine/ “Greece is becoming an energy hub to bring liquefied natural gas, not only to cover the needs of our country, but also to supply natural gas to the Balkans, to central Europe, why not to Ukraine. So, in this regard, this role for other countries becomes very important,” Prime Minister Kyriakos Mitsotakis said in an […]]]>

“Greece is becoming an energy hub to bring liquefied natural gas, not only to cover the needs of our country, but also to supply natural gas to the Balkans, to central Europe, why not to Ukraine. So, in this regard, this role for other countries becomes very important,” Prime Minister Kyriakos Mitsotakis said in an interview with Bloomberg TV on Tuesday.

He added that Greece wants to become a net exporter of green electricity to Central Europe.

“This means that we need more interconnections to Central Europe. But we can also be the intermediary country that will connect Europe to North Africa. We are talking to the Egyptians. We are proposing a very ambitious cable of three gigawatts that will connect Africa to Greece. And of course to have a three gigawatt cable, you need ten gigawatts of installed renewable energy to generate electricity,” he said.

“The economy has been performing better, will grow almost 6% this year,” he said and added, “It gives us fiscal space to support our citizens. And of course, we are probably the only country that has been able to recycle the profits of energy producers to support our citizens. We actually imposed – this may almost sound like a kind of socialist or communist – but we imposed a 90% tax on windfall profits from power producers in the first six months of 2022. So we are recovering a significant amount of money from our power producers to support businesses and households.”

The Prime Minister’s full interview with Bloomberg TV follows:

Francine Lacqua: I couldn’t be happier to be joined by Kyriakos Mitsotakis, the Greek Prime Minister. Prime Minister, thank you for joining us. I think this is your first and our first interview of the day here from Sharm. Are you optimistic about getting things done? I know it’s not a COP title. We are not expecting huge pledges. We are waiting for money. Are we going to transfer money from richer countries to poorer countries to fight climate change?

Kyriakos Mitsotakis: I am reasonably optimistic that progress will be made on this critical front. You are right to point out that the real outstanding issue is financing the transition and making it more affordable for low-income poor countries to transition to green energy and a more sustainable future.

There is a lot of momentum, a lot of commitment from private actors, big companies, NGOs and I think we all understand, with every passing day there is a new climate crisis somewhere. We know that climate change is happening much faster than we thought and it is becoming – in a way – common knowledge that requires an urgent response.

Francine Lacqua: Prime Minister, is it difficult to give money for operations or things like that when we are facing a huge energy security crisis? So of course, in Europe, coupled with the cost of living, it’s going up. And many people who have to make very difficult choices during the winter?

Kyriakos Mitsotakis: Hard choices have to be made. But at the same time, we know that we must redouble our efforts in the green transition. Let me give you the example of Greece. We have ten gigawatts of renewable energy installed. Ten days ago it was a beautiful sunny and windy day. We ran the whole country for 5 hours in terms of electricity consumption simply thanks to renewable energy. And we understand that focusing on renewable energy is cheaper but also geopolitically safer. And in addition, it helps to reduce our emissions. So these projects are sort of positive NPV projects and that’s why I expect a significant acceleration in renewables all over the world.

Francine Lacqua: But do energy security concerns really change your plans? For example, for coal-fired power plants?

Kyriakos Mitsotakis: In the short term, yes. We intend to extend our production from coal for maybe two, three years. But moving away from coal is a decision we made that will not change. What will change is the diversity of natural gas supply. We know we will need natural gas for the foreseeable future. Greece is becoming an energy hub for bringing in liquefied natural gas, not only to cover our country’s needs, but also to supply natural gas to the Balkans, to central Europe, why not to Ukraine. So in this regard, this role for other countries becomes very important.

Francine Lacqua: First of all, you are trying to also build a cable, okay, from Egypt to Greece which will import green energy and then at the same time this connection, for example to Germany.

Kyriakos Mitsotakis: We want to become a net exporter of green electricity to Central Europe. This means that we need more interconnections to central Europe. But we can also be the intermediary country that will link Europe to North Africa. We talk to the Egyptians. We are proposing a very ambitious three gigawatt cable that will connect Africa to Greece. And of course, to have a three gigawatt cable, you need ten gigawatts of installed renewable energy to generate electricity.

Francine Lacqua: When we look at the crisis that we are managing and that we are returning to coal-fired power plants, do you believe in general, because of the war in Ukraine, that the transition will be longer but then more aggressive towards green ? or does it just take longer? So is it postponed?

Kyriakos Mitsotakis: Actually, it must be faster, especially when…

Francine Lacqua: It has to be, but will it be?

Kyriakos Mitsotakis: You have to. And when we look at how we deploy our capital, European money, but also private capital, we know for example that we need more infrastructure in our networks. For us, this is of paramount importance, because at some point we will no longer be able to install renewable energies unless we invest more in networks. But security of supply is becoming a major issue. Renewable energy is the safest, cleanest and cheapest form of energy today, especially for countries like Greece.

Francine Lacqua: Prime Minister, tell me a bit about the cost of living crisis. In fact, in terms of growth, Greece is doing quite well compared to other nations. The cost of living crisis is still real and affects many of your fellow citizens.

Kyriakos Mitsotakis: It is, and that is why we support citizens in various ways. The economy has been performing better, will grow at almost 6% this year. This gives us budgetary leeway to support our fellow citizens. And of course, we are probably the only country that has been able to recycle profits from energy producers to support our citizens. We actually imposed – it may almost sound like a kind of socialist or communist – but we imposed a 90% tax on the windfall profits of power producers in the first six months of 2022. So we get back a sum significant money on our energy producers to support businesses and households.

Francine Lacqua: Greece went through a huge austerity program, in fact also through the IMF. I don’t know if you have any advice or if you have contacted the British Prime Minister, as to the things they need to do about the very difficult two months we have seen in the UK.

Kyriakos Mitsotakis: I think what we’ve seen in the UK is very clear: you can’t fool the markets. If you offer a program that is not well funded, the markets will ask questions, whether you are a small country or a large one. We learned our lessons in Greece. So we know that everything we do has to be financially sustainable. And again, if we’re doing well, it’s because we’ve managed to combine high growth with reasonable fiscal policy. I refused calls, for example, for horizontal VAT reductions, which would make a big dent in our budget without necessarily delivering low prices. So we know we have to be targeted in terms of support and kind of very focused on supporting the most vulnerable households.

Francine Lacqua: Prime Minister, I know that we also talked a lot this weekend about the spy scandal. Can you confirm what you know? Is it correct that journalists and others were taped and cabled?

Kyriakos Mitsotakis: Absolutely not. I have made it very clear that the recent publication that has emerged in Greece is absolutely false. I’ve been very clear in acknowledging that in Europe we have a problem with illegal spyware – it’s not just a Greek problem, we’ve seen it in many European countries – and we need a European regulations to remedy this. I hope Greece will be the first country in Europe – by next month we will ban all illegal spyware that can be sold outside of Greece. So we have to take this, which is a real problem, and turn it into an opportunity.

Francine Lacqua: Prime Minister, I know you’re not going to talk to me about American politics, but what kind of, you know, we have the midterms, which could actually change the composition of certain decisions on taxation, debt ceiling. So the economic policies coming from the United States. What impact does this have on Europe? What kind of partner does Europe need in the United States of America?

Kyriakos Mitsotakis: Let me talk about the US-Greek relationship, which is at an all-time high, and I expect it to remain so regardless of what happens in the US Congress. Greece is a strategic partner for the United States in a difficult part of the world. And no matter what happens in Congress, I expect that won’t change.

Francine Lacqua: Prime Minister, thank you very much, as always, for all your time. Hope to see you in London very soon.

Kyriakos Mitsotakis: Thank you very much.

READ MORE: GNTM: a former candidate left modeling and turned to porn.

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One of the best months of October ever for tourism and airports http://greekhomes.info/one-of-the-best-months-of-october-ever-for-tourism-and-airports/ Fri, 04 Nov 2022 20:16:24 +0000 http://greekhomes.info/one-of-the-best-months-of-october-ever-for-tourism-and-airports/ Extremely good weather and the dynamic ranking of Greek destinations among the top positions of European travelers’ preferences resulted in one of the best, if not the best, October for Greek tourism ever. According to Kathimerini sources, last month’s international traffic at the 14 regional airports managed by Fraport Greece increased significantly compared to the […]]]>

Extremely good weather and the dynamic ranking of Greek destinations among the top positions of European travelers’ preferences resulted in one of the best, if not the best, October for Greek tourism ever.

According to Kathimerini sources, last month’s international traffic at the 14 regional airports managed by Fraport Greece increased significantly compared to the corresponding month of 2019, while Athens International Airport also recorded the best performance compared to 2019 so far this year.

Air traffic to Athens from abroad was only 2.6% lower than in October 2019, but this fact is explained by the increases observed in the 14 regional airports, which have received more direct flights since abroad in 2022 compared to last year before the pandemic. In fact, Santorini, Skiathos, Corfu and Aktion set historic records in the first 10 months. It is noted that from the beginning of the year until September, in these 14 airports, international traffic exceeded 22.15 million passengers, and total traffic – domestic and international – exceeded 27 million.

This momentum seems to have continued in the first days of November, however, when most of the airlines that fly directly from abroad to the 14 regional airports change their flight schedules. In Rhodes, the last flight from abroad is scheduled for November 13, while in the other regional airports they should stop this Sunday. Only at Hania will Ryanair continue to fly year-round twice a week to and from Cyprus, from where other international flights connect.

However, in Thessaloniki, international flights to and from 20 countries will be maintained throughout the winter season, as Macedonia Airport is gaining importance as a connecting hub to other destinations in Greece. Simply put, any traffic from mid-November to the 14 regional airports will come mainly from routes to Athens and Thessaloniki.

Overall passenger traffic at Athens Airport in October reached 2.29 million passengers and was close to October 2019 levels (only 0.5% lower). Domestic passenger traffic at Athens Airport exceeded October 2019 levels by 4.6%.

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Is Pakistan’s economy moving in the same direction as Sri Lanka’s? http://greekhomes.info/is-pakistans-economy-moving-in-the-same-direction-as-sri-lankas/ Wed, 02 Nov 2022 12:08:26 +0000 http://greekhomes.info/is-pakistans-economy-moving-in-the-same-direction-as-sri-lankas/ Sri Lanka is currently in the throes of a vicious economic collapse and it is essential to assess and compare the economic situation in Sri Lanka and Pakistan against the backdrop of the global economic crises that have ravaged developing countries. Pakistan has a large debt, high inflation, soaring unemployment and many other macro-economic problems, […]]]>

Sri Lanka is currently in the throes of a vicious economic collapse and it is essential to assess and compare the economic situation in Sri Lanka and Pakistan against the backdrop of the global economic crises that have ravaged developing countries.

Pakistan has a large debt, high inflation, soaring unemployment and many other macro-economic problems, which shows that the country’s economy is like a ticking time bomb. The factors that contributed to Sri Lanka’s economic crisis have also had a significant impact on Pakistan, whose economy faces similar challenges.

Dependence on commodity imports, limited foreign exchange sources, restrictions on free trade and accumulated external debt are among other alarming similarities between Sri Lanka and Pakistan.

Critically, the China-Pakistan Economic Corridor (CPEC) is based on a $46 billion (now $55 billion) loan that Pakistan received from China under its sovereign guarantee . The initial allocation includes an $11 billion Chinese loan for infrastructure and a $35 billion investment for the power sector.

Chinese investment in CPEC infrastructure must be recouped in the form of equity, which is guaranteed at around 20%. the total cost of the project), with an estimated debt ratio of 80% to 20%. China will recoup the cost of its investment in less than 26 months and bleed Pakistan for the next 25 years of contract duration.

The country’s economy could be crippled by such high costs, making it a case of a wheelchair.

China’s economic and political footprint has rapidly expanded around the world, and now even countries with relatively strong economic and civil institutions are grappling with the implications.

This is particularly notable in two strategic regions, South Asia and Africa. China’s economic and political profile has developed remarkably in these two regions. However, countries in these regions lack the institutional depth to assess the domestic implications of Chinese activism and policy recommendations.

Sri Lanka provides a historical illustration in this case. In a debt-for-equity swap, Sri Lanka transferred the Hambantota port and power plant and may transfer the airport to Chinese control as it is unable to repay its debts to the China. Moreover, servicing the debt consumes 90% of Sri Lanka’s income.

Another example might be Venezuela, where China has made the biggest investment of any country so far, investing $52 billion from 2008 to 2014. All Chinese loans to Venezuela were commodity-backed and, therefore, Venezuela was obligated to continue supplying millions of barrels of oil to China helping the Chinese economy to grow further.

In the case of the African region, sub-Saharan Africa’s public debt rose from 34% in 2013 to 53% in 2017. Most of Kenya’s external debt of $36.4 billion (as of June 2022) comes from China. Kenya has already paid $972.7 million on Chinese debt so far and Kenya Treasury Projects, debt repayments to China Exim Bank will increase to $800 million in the next fiscal year.

Kenya’s Auditor General recently issued a warning that if the country does not repay China Exim Bank loans, it runs the risk of losing control of the port of Mombasa. The terms of a $2.3 billion loan for the Kenya Railways Corporation specify that the port’s assets are collateral and that due to a waiver in the contract they are not protected by sovereign immunity from Kenya.

China has provided 30% of Ethiopia’s total new public external debt over the past five years and China’s Exim Bank recently refused to release $339 million earmarked for Ethiopia’s infrastructure projects.

The same goes for Pakistan, where the country’s total debt, which does not include CPEC debt, is close to $72 billion, or almost 70% of GDP, and the current account deficit has increased. by almost 120%. With CPEC, the interest will be around 7%, payable in 25-40 years, and Pakistan will have to pay around $7-8 billion as EMI for the next 43 years, starting in 2018 and and so on. It seems impossible for the nation to repay both the principal amount and such a high rate of interest.

Other revelations are that the terms of the CPEC investment contract are one-sided, including the condition that no bids are contracted against Chinese companies. Exemption from toll tax for Chinese vehicles and preference for Chinese labor are some secondary benefits.

Undoubtedly, CPEC has been a colossal entity in the region, where China has invested in Pakistan’s infrastructure sector, but necessary measures can be taken at the earliest to prevent Pakistan from following Sri Lanka’s path. .

The latest developments have not only transformed the area, generating a pool of jobs for locals, but also offering long-term sustainable economic gains. The situation is, however, contentious in nature when it comes to the local concerns of Gwadar in Balochistan.

People, including local fishermen supplying the marine resources, risked losing their livelihoods due to Chinese investments in Gwadar. Moreover, the inhabitants had not received a substitute for their loss of profession.

The recalcitrant behavior of the locals is justified on their side but there is a flip side of the coin which is more striking in its nature. The conduct of Chinese projects in Sri Lanka shares a similar pattern that has been followed by Pakistan in recent times. The accumulated foreign debt and dwindling foreign exchange reserves are glaring to indulge in other lending programs which are necessary to continue the CPEC project.

While these are enough signs to prove that Pakistan will follow the exact path shortly, the situation in Sri Lanka should serve as a warning to Pakistan’s higher echelons that financial and governance mismanagement could lead to a situation similar to that of Sri Lanka in its own backyard.

To solve Pakistan’s monetary problems, the public authority should reconsider the regulation of the economy in a way that does not reserve its gains and political upheavals do not plunge into societal conflicts.

Essentially, Pakistan’s economic recovery and stability can only be sustained with the support of broader dialogue and citizen engagement.

While projecting the bigger picture, one cannot deviate from the fact that China is a powerful ally in the region that Pakistan needs for both its lasting economic gains and political stability, but the ranks of the Foreign Affairs also has the responsibility of generating a wide range of regional investors. to help mitigate the eminent effect of China’s debt trap, on the same patterns that brought down Sri Lanka.

This requires a coherent national economic approach to define the models that allow Pakistan to engage with more than one economic partner.

The Shanghai Society Organization is also one such platform that safely guarantees its members the opportunity to engage in enhanced cooperation, which Pakistan must seek.

To miss the opportunity on Russian oil and Iranian gas would be a mistake. The ability to explore improved trade routes with neighbors would also be a good direction to help alleviate poor ground level conditions.

Ultimately, it is a matter of national interest and Pakistan will have to take effective corrective measures to escape from this precarious economic situation of the debt trap.

Muhammad Hamza Qamar is a columnist for the Daily Parliament Times.

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UK wins Greece in poker against EU http://greekhomes.info/uk-wins-greece-in-poker-against-eu/ Sat, 29 Oct 2022 21:00:34 +0000 http://greekhomes.info/uk-wins-greece-in-poker-against-eu/ A rather puzzled British prime minister left the Brussels summit, arm in arm with an equally confused Greek prime minister. After promising to leave the talks with an improved deal for the UK, a sheepish Prime Minister left, now the proud owner of a bankrupt Greek economy, seven cans of old paint and a four-pack […]]]>

A rather puzzled British prime minister left the Brussels summit, arm in arm with an equally confused Greek prime minister. After promising to leave the talks with an improved deal for the UK, a sheepish Prime Minister left, now the proud owner of a bankrupt Greek economy, seven cans of old paint and a four-pack of AA batteries “with two missing”.

Some cynics have suggested the EU has used the situation to unload a lot of unwanted ‘tat’ on an unsuspecting UK. But the prime minister looked exuberant as he waved a wire coat hanger and an old bath mat over his head. Clutching a rubbish bag full of expired medicine and blind electrical cables, the Prime Minister declared the talks a great success.

His spokesman agreed: “These treaty concessions and old greeting cards left by the Belgian finance minister are the spoils of victory. This Betamax tape is a tribute to the Prime Minister’s negotiating skills. Nobody make fun of these… what is it? Oh, yes – those beautiful used makeup sponges – that he won.

Addressing the onlookers, the Prime Minister assured them that he had made a good deal: “I hold in my hand four magic beans. I believe these are peas in our time.

www.newsbiscuit.com

IMAGE: https://pixabay.com/photos/to-play-card-game-poker-poker-chips-593207

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German Chancellor says solution can be found on speculative gas price spikes http://greekhomes.info/german-chancellor-says-solution-can-be-found-on-speculative-gas-price-spikes/ Thu, 27 Oct 2022 10:31:12 +0000 http://greekhomes.info/german-chancellor-says-solution-can-be-found-on-speculative-gas-price-spikes/ German Chancellor Olaf Scholz speaks to the media during a press conference after a meeting with Greek Prime Minister Kyriakos Mitsotakis at the Maximos Mansion in Athens on Thursday. [AP] German Chancellor Olaf Scholz said on Thursday that EU energy ministers still had a lot of work to do, but a solution could be found […]]]>

German Chancellor Olaf Scholz speaks to the media during a press conference after a meeting with Greek Prime Minister Kyriakos Mitsotakis at the Maximos Mansion in Athens on Thursday. [AP]

German Chancellor Olaf Scholz said on Thursday that EU energy ministers still had a lot of work to do, but a solution could be found to contain speculative spikes in gas prices.

The energy crisis – compounded by Russia cutting gas supplies to the European Union following Western sanctions over Moscow’s war on Ukraine – threatens a recession in Europe as it recovers from the pandemic of Covid.

European Union ministers are struggling to agree on a way to contain natural gas prices and help their citizens deal with inflation.

“We want to sink gas prices jointly, it’s our common opinion that it’s not something abstract,” Scholz said after meeting Greek Prime Minister Kyriakos Mitsotakis in Athens.

“There is still work to be done for energy ministers, particularly when it comes to avoiding speculative price spikes,” he added.

About 15 EU states, including Greece, want an EU-wide price cap, citing the inflationary pressure that recent gas price spikes have unleashed on their economies. Germany, Europe’s largest economy, leads a small group of states opposed to price caps.

The meeting of EU energy ministers on November 24 will decide whether to ask Brussels to propose the cap.

Mitsotakis said EU energy ministers must reach a solution at this meeting.

“It would be our failure, and we discussed it at [EU] Council, if the issue is up to us,” Mitsotakis said.

“We don’t want the issue to come back to Heads of State and Government at EU Council level. We want this to be resolved at ministerial level and it can be resolved at ministerial level. [Reuters]

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