Greece's Chief Banker: No haircut for the Greek banks' deposits

 

 

BoG chief: Deposits in Greece totally secure

 

10/ 04/ 2013

AMNA--Central Bank of Greece (BoG) governor George Provopoulos assured that deposits in the Greek banking institutions are totally secure, regardless of the size of the sum, speaking to parliament's standing committee on financial affairs on Wednesday.
The central bank chief attributed the recent suspension of the merger of National Bank of Greece (NBG) and Eurobank, two of Greece's four systemic banks, to their inability to raise the required 10 percent of their recapitalization from private investors, but explained that the final decisions, in the event that generation of the 10 percent by the two banks proves not feasible, will be taken by the Hellenic Fiscal Stability Fund (HFSF) on the basis of the wider public interest.
Provopoulos further defended the BoG's choices in the face of the crisis in Cyprus but did not elaborate, citing the confidentiality of the board meetings of the European Central Bank (ECB), and stressed that deposits in Greek banking institutions are totally secure, regardless of their size or bank.

National Bank of Greece -Eurobank no deal! Ordeal!!!

Greek banks NBG and Eurobank face state rescue

Reuters) - Two of Greece's biggest banks risk being nationalized after admitting they were unlikely to raise enough cash from private investors and seeing their merger blocked by the country's international lenders.
National Bank (NBGr.AT) bought 84.3 percent of smaller rival Eurobank via a share swap in February, as Greek banks consolidated to survive a debt crisis that has pushed the country's economy into a six-year slump.

But lenders fear the combined entity, with assets of about 170 billion euros ($221.4 billion), will be too big relative to Greece's 190 billion euro economy and make it difficult to sell in the future, prompting the state to halt their integration until a state bank support fund decides their future.

Both banks told the central bank they are unlikely to raise a set portion of their planned share issues from the market, meaning they would fall under the control of the support fund, the Hellenic Financial Stability Fund (HFSF).

Shares of both banks initially fell as much as 30 percent on Monday on concerns their investors would effectively be wiped out if the HFSF takes full control of the lenders.

But Eurobank shares reversed course to gain 25 percent in late trade on talk the bank would make a final push to meet the required private sector participation on its own and stay privately run.

"We will mobilize and try to cover the required 10 percent from the market. I am not saying we will make it, but we will try," a Eurobank executive who declined to be named told Reuters, putting the bank's needs from the private sector at 580 million euros.

Both bank boards will meet on Tuesday to spell out their recapitalization plans. Together they need 15.6 billion euros to boost their solvency ratios to levels set by the central bank after losses from a sovereign debt writedown.

Greek government officials have said deposits in the banks will be unaffected by the deal's suspension, in a bid to reassure jittery Greeks after a bailout to rescue Cyprus included slapping a levy on deposits.

Finance Minister Yannis Stournaras said the troika of the country's international lenders has not vetoed the deal, adding that the 50 billion euros set aside from the bailout package for the recapitalization would be sufficient.

"No one has vetoed the National Bank-Eurobank integration. Whether it will take place or not depends on the terms the HFSF will set," Stournaras told lawmakers on Monday.

RECAPITALISATION FEARS

Under a recapitalization plan agreed with Greece's international lenders, the HFSF will supply most of the capital the banks need in exchange for new shares and contingent convertible bonds.

But to stay private, banks must ensure private investors buy at least 10 percent of their share offerings. Analysts have warned that Greece's banks will not be able to bounce back immediately despite an injection of billions of euros.

"It will take time for banks to get on a more sustainable footing as the economy continues to shrink. It's too early to expect that credit flows will lift the economy," said Giada Giani, an economist at Citigroup.

If National and Eurobank are nationalized, it would result in about 40 percent Greece's of banking sector being controlled by the state, while the other two major Greek lenders remain privately run.

National Bank's 84.3 percent stake in Eurobank could be diluted down to a low single-digit holding if the HFSF pumps in all the capital it needs.

Rival lenders Alpha (ACBr.AT) and Piraeus Bank (BOPr.AT) have already announced share offerings, aiming to meet the required 10 percent private-sector take up.

Whether NBG and Eurobank will be eventually integrated or run as stand-alone entities will be decided by the HFSF fund after their recapitalization is completed. If the plan is dropped, Piraeus will emerge as the country's biggest bank.

"The key issue for Greece is to have a well capitalized banking system, willing to lend and get the economy out of free-fall," said economist Ben May at Capital Economics in London.

"From a macro-economic perspective, it doesn't make that much difference if this means having 10, seven or five banks," May said. ($1 = 0.7679 euros)

(Additional reporting by Renee Maltezou; Editing by David Holmes and Leslie Adler)

Justinmania or Trudeaumania?

Justin has created his own brand "Justinmania" and he is ever present at the Greek Community events!

Justine Frangouli-Argyris
The Huffington Post

Justin Pierre James Trudeau was born "prorfyrogennitus," the name bestowed upon the children of sitting Byzantine emperors who, upon seeing the light of life, were immediately vested in the regal imperial garment or purple robe.
Justin, 41, the son of legendary Canadian Prime Minister Pierre Elliott Trudeau, appeared in Ottawa one chilly Christmas eve in 1971, a mere 10 months after his 51-year-old father stunned the nation by marrying Margaret Sinclair, a hippie 29 years his junior.
While growing up in the official residence at 24 Sussex Drive, a young Justin would, on the one hand, suffer the difficulty of his parents' divorce while, on the other, rejoice in the opportunity to escort his father around the world, visiting over 50 countries by the age of 13.
The eldest of three boys, he would grow up under the watchful gaze of his Dad, a strict disciplinarian who would demand the best of his sons, pushing them to excel in sport as well as in the classroom according to the ancient adage of "a healthy mind in a healthy body."
His upbringing notwithstanding, Justin did not seem destined for a career in politics from the outset. In university, he would complete degrees in literature and education before dabbling in engineering and enrolling in a Master's program in environmental geography. He would take on various odd jobs, everything from water rafting instructor to bunjee jumping coach to radio host but settle in to teach French and social studies at a high school in Vancouver.
Regardless, his personal charm and brilliance would lead his friends and family to hope that he would eventually opt to follow in the footsteps of his revered father and aspire to the leadership of the Liberal Party of Canada.
His political calling would come, quite surprisingly, at his father's funeral, where, in October 2000, he would rise to national prominence by delivering an unforgettable eulogy in front of numerous world leaders at Montreal's Notre Dame Basilica.
As a result, he would become more and more involved with the Liberal party in the following years. In 2005, he would marry television host Sophie Grégoire with whom he would have two children and, subsequently, citing the demands of his young family, Trudeau would rebuff repeated calls to run for office.

However, in 2008, he would eventually acquiesce and prepare a bid for his party's nomination in the Liberal stronghold of Outremont, in urban Montreal. His plans were upended, however, when party leader Stéphane Dion refused to sanction his candidacy, forcing him to enter a difficult race against very experienced rivals in his father's original seat of nearby Papineau.
Easily winning on the first ballot, Justin would no longer be simply referred to as "the son of Pierre" but, rather, be henceforth identified as a serious politician in his own right. Indeed, in an election that would see his party's support plummet and the Liberals lose 18 seats, Trudeau would score a stunning victory, capturing the seat held by popular Bloc Québécois incumbent Vivien Barbot.
Difficult times would follow, the Liberals descent would accelerate and the party would fall to third place and lose its standing as Her Majesty's Official Opposition (May 2011). Conversely, Trudeau's popularity would continue to soar and, after winning re-election, rumors would begin to circulate about his Prime Ministerial potential.
His detractors dismiss him as "one born with a silver spoon in his
mouth" and a political lightweight who proposed little, if any, pieces of legislation in his four years in parliament.
He has stood by his beliefs, however, taking a hard line in favor of the controversial long-gun registry but refusing to reinstate it should he be in a position to do so. And, although an avowed federalist, he has admitted that he could accept Québec independence and the breakup of Canada should Conservative Prime Minister Stephen Harper move the country so far to the right, insofar as issues such as abortion and gay marriage are concerned, that it would no longer be recognizable to him.
Justin Trudeau is no rookie. He has fought through adversity from a very young age, having to deal with his parents' separation and his brother Michael's tragic death, to develop into a confident, young family man with supreme communication skills and a promising political future.
He may owe his chance at becoming Liberal boss to his last name, but there can be no denying his charisma and flamboyance, qualities sorely lacking in the party for years and in all other leadership contenders. It is no coincidence that a recent Léger Marketing poll showed the Liberals and Conservatives in a virtual tie for the lead with Trudeau at the helm.
Justin Trudeau may be an as yet unproven commodity but he has created a buzz around his "Justinmania" brand. Based on the glory days of Trudeaumania, he is on the verge of achieving a stature and profile that can lead the Liberals to a new, even more promising era than that of his father.

Golden Dawn unmasked by Montreal filmmakers!

Montreal filmmakers exposing Golden Dawn in 29 minutes

Pappas Post      

By Kathy Tzilivakis

Article Image

Caption

Peter James (L) and Philippos Balabanos (R) on the set of Dichotomous with members of the cast and crew

2013-04-01

 

  

Article Body

The actual filming of Dichotomous - an official selection at the 2013 Greek Film & Foto Week in Toronto next month - could be made into a documentary about two Greek Canadian filmmakers in Montreal determined to make it against all odds.
There was controversy: The film, which is about the rise of Greece’s right-wing anti-immigrant nationalist party Golden Dawn in North America, sparked plenty of debate. And there were a number of unpredictable twists and turns: After unsuccessfully seeking funding for the film on the crowdfunding site Indiegogo, the two Greek Canadian filmmakers, Philippos Balabanos and Peter James, struggled to complete the film on a very tight budget and even tighter shooting schedule. Cast and crew took a 100% pay cut.
The behind-the-scenes drama continued when the film was initially disqualified from the Greek Film & Foto Week because it was 14 minutes too long.
“In the end, everything worked out,” says Balabanos. “We waited to hear what the Greek America Foundation would decide to do with us.”
The Greek America Foundation decided to make Dichotomous one of its featured shorts for the Greek Film & Foto Week.
“Going into the shoot, I had a nagging feeling that we may have made too big of a film,” says Balabanos. “Peter had warned me there was no way we were going to do it, but I thought we had to go ahead and make the film. There was no way we could cut it to 15 minutes. We cut as much out without taking away from the story or the meaning of it. I think it was always meant to be a 29 minute story.”
Five locations, three days, one message
Dichotomous tells the story of Nick Dysmas (Peter James), a Greek Canadian photojournalist who has been covering the rise of the Golden Dawn in Greece. When he returns to his hometown of Montreal, he learns that Golden Dawn have opened a local branch. Through a twist of fate, his road converges with the local Golden Dawn leader known only as The Chief (Constantine Kourtidis) and the two find themselves on a path which tests their beliefs and endangers everything they hold dear.
It’s the first film short produced in Canada to address the growing popularity of Greece’s extreme (also described by critics as Neo-Nazi) Golden Dawn party among Greek expatriate communities.

James and Balabanos (photo, L-R) shot the film over three days at five locations across Montreal.
“As far as the actual making of the film, I have to say it was a weird experience,” says Balabanos. “It was just chaos. I wouldn’t call it fun, but it was satisfying.

“I hadn’t realized just how little people know about Golden Dawn’s origins,” he adds. “They only know what they hear on TV. They don’t know about Golden Dawn’s longterm goals, which is all on their website.”
Most members of the local Greek community are still very “hesitant” about the film, which is scheduled to premiere in Montreal on April 6 (see below for more details) . “People are supportive, but are keeping their distance,” says Balabanos. “I can understand this because Golden Dawn has ties with the Greek government and they are an official party.”
“We stuck to our story,” adds James. “We didn’t go to any extremes. We did not make this movie to - excuse my language - piss off Golden Dawn or anything like that. But we knew there would be some backlash... There were some rumblings from one of the local chapters [of Golden Dawn] when were making the film. Some people weren’t too happy.”
Both James and Balabanos say they are “very proud” of the film and hope that “it will speak to at least a few of the young minds which have been washed up into the terrifying phenomenon which is the Golden Dawn”. Even if it doesn’t, they say “it's a hell of ride with some great twists along the way".
Hope for Greece fundraiser
Balabanos and James have decided to dedicate the premiere screening of Dichotomous in Montreal (De Seve Theatre) on April 6 to the people of Greece.
A large part of the proceeds from the sale of the tickets will be donated to the Greek America Foundation’s Project Hope for Greece (a nationwide fundraising effort to support a range of charities and important institutions in Greece that are responding to the crisis in substantive and systematic ways and working to solve important problems for the people of Greece).
The April 6 screening is sponsored by PHOS films, carpe noctem pictures, the Hellenic Community of Greater Montreal and the Greek America Foundation.
Ten dollars of every $15 admission ticket sold will be donated to Project Hope. The rest will be used to cover the cost of the screening.

NY still in winter mood

We spent the Easter weekend in NYNY and we enjoyed every moment of it. The city still lives its winter, the trees are not green yet, the wind was strong, the temperatures were low.

Nevertheless, the windows are full of spring colors, the new spring/summer collections are out already and you smell orange blossoms in the air.

I am madly in love with Manhattan.

Justinaki

 

 Fulton Market has not recovered yet from Sandy

 Trees are still bare

 Central Parc still has the winter look

 New World Center tower is almost ready

 Plazza hotels is a landmark of the American Metropolis

 A view from the Parc

 Touring around

 I love midtown NY

 A blend of Art Deco and new ear architecture downtown NY

 Mercer's kitchen is the best bistrot in Soho. The manager (in the middle) is Greek and looks like Antonio Banderas!

 The Stock Exchange has had some highs lately

 Lonely in the Central Parc

 Homeless are still around

 Wall Street

Germany:Europe's Greedy Boss!

Justine Frangouli-Argyris
Huffington Post


Dutch Finance Minister Jeroen Dijsselbloem's comments after a painstaking, last-minute bailout deal for Cyprus was reached in the wee hours of Monday morning sent shivers through global financial markets. The recently appointed president of the influential Eurogroup, responding to questions from Reuters' and the Financial Times' correspondents, praised the plan as a template for resolving the area's banking problems and indicated that other eurozone countries could restructure their weak financial institutions along similar lines.
With this striking turn of events, it appears that Germany and its northern allies have, once again, forced a new set of humiliating rules on their troubled southern European partners. Using Cyprus as a scapegoat, the Germans have brought the whole banking sector in the periphery to its knees by demanding that uninsured depositors bear the brunt of any bank recapitalization.
Thus, as shocked major account holders in Cyprus' second largest lender, Laiki Bank, witness the disappearance of a chunk of their savings, the island nation's European neighbors must be terrified as to when they will have a restructuring imposed on them under the threat of bankruptcy and exit from the euro.
There can be no doubt that the Germans' insistence on such brutal terms was an act neither simple nor random in nature. Fundamentally changing the rules under which economies operate across the continent by requiring that insolvent banks be rescued by their major clients, depositors will now be recognized as investors who must assume risk in order to hand over their savings. As such, what wealthy entity, be it a large corporation or fund, for example, would dare hold its assets anywhere but in the safe lands of the north?
Germany has benefited enormously from its European experiment. With nearly two-thirds of its exports going to the eurozone, its economy has flourished with very low unemployment and steady growth. However, once the weaker members, having spent recklessly acquiring all the Germans had to offer, come calling for assistance, they are greeted with demands of savage cutbacks.
For, from the outset, Angela Merkel was adamantly unwilling to use the tools at her disposal to improve the lot of those in need. She refused to issue so-called "eurobonds" to pool the debt of the 17 eurozone states and rejected the notion of the European Central Bank acting as "lender of last resort," measures that would serve to significantly bring down the cost of servicing the struggling members' debt.
She fought against big increases in the size of the European Stability Mechanism, leaving it far short of the required funds should Italy or Spain find themselves unable to borrow on the open market. She called for the implementation of endless austerity in Greece, slashing wages and pensions and raising taxes, knowing full well that such measures during difficult times can only have tragic consequences.
By fomenting this never-ending economic crisis, Germany is able to provide a weak euro to keep its heavy industries humming and to borrow at negative real interest rates, allowing it to save at least 15 billion euros in interest costs over 10 years according to a study by the Kiel Institute.
Not ones to stop while ahead, it seems that the Germans have found a new weapon to add to their arsenal. With their southern partners' economies collapse resulting in these nations being unable to purchase many imported goods, Germany has decided to pursue the only assets left to be had, namely the funds remaining in their banks.
By extorting billions from Cyprus, shutting down the Cypriot "offshore" economic model and exposing all the perimeter nations' depositors to huge potential losses, they are forcing all the monies in the eurozone northward.
Wars can be fought on the ground in the trenches and through the air with fighter planes but this occupation has taken on the color of money!

High Heels For Six published by Amazon.com

 

Cover designed by Nflekto

 

A book review by Jeanie E. Warnock, PhD. (English Literature, University of Ottawa)

 

As editor and co-translator of High Heels for Six by Justine Frangouli-Argyris, I was drawn to the novel by the rich layering of its narrative and the psychological complexity of its characterizations. Alternately set in turbulent post-war Greece and the heart of cosmopolitan Montreal, the novel chronicles the lives of six schoolgirl friends, reunited after more than twenty years of separation. Boldly unfolding the success—and failure—of twentieth-century feminism in liberating women’s desire, Frangouli-Argyris’ novel explores the travails of the female spirit in post-modern society.

 

After a devastating family tragedy, seventeen year-old Julia is sent away from her home in the islands of Greece to distant relatives in Montreal, Canada. Tormented by memories of her dead father’s eyes, Julia turns her back on her past and refashions herself as the cherished wife of a wealthy French Canadian. Only her paintings, increasingly well-received on the world art scene, hint at the depths of the anguish that drive her, the dark rivers of blood that flow through the landscapes of her canvas—and her psyche. An unwilling immigrant who accepts the pain of exile in order to survive, Julia cannot forget her long-lost friends and makes a fateful decision to fulfill their childhood promise to meet again at the age of forty.

 

Modelling her novel on a real life tragedy from the past, Frangouli-Argyris sketches out the lives of the six women in a series of intertwining vignettes that join past to present and reality to desire. With dextrous strokes and a flair for the unexpected, she lays out the overlapping lives of the women: serious, scholarly Athena, who embraces communism, astrophysics and love with an equal fervour; earnest and dutiful Maria, finally stirred to an unexpected rebellion; bright, brittle Kate, whose glittering exterior conceals a shame she cannot speak; delicate ballerina Amy, who drowns a broken heart in oceans of fat; and wild Nancy, whose passionate love affairs cannot calm her restless spirit or the black depression that haunts her.

 

But it is in its depiction of the relationship between her two central characters, Julia and Nancy, that the novel achieves its greatest power, and Frangouli-Argyris presents a moving picture of the way the dead and the absent may continue to influence the lives of the living. Separated for twenty years, the spirits of the two friends have remained intertwined, their connection symbolized by a child’s pair of high heel shoes and their lives doubled like a mirror reflection.

 

Masterfully crafted, the novel brings the six friends together for a reunion that explores both the fulfillment and the betrayal of their childhood dreams.  Central to this coming together are a series of paintings done by Julia herself, entitled “The Schoolgirls” and envisioning her adult friends as glamorous, successful twenty-first century women.  As art encounters reality and past confronts present, the six friends are compelled to reassess their lives and the choices that have defined them. Have they achieved the freedom denied their mothers and become capable of acting on their desires? Or have the promises of feminism been a shifting and ultimately treacherous mirage?

 

The truth, Frangouli-Argyris suggests, ultimately rests in the pictures themselves and the capacity of love and art to transform human existence. While Julia’s idealized images of her long-lost school friends seem far off the mark, the pictures reveal the enduring essence of the love that has survived more than twenty year’s absence. It is the women’s loyalty to their schoolgirl friendship that has sustained them—and that finally gives Julia the courage to lay her past to rest and forgive her father.

 

---Jeanie E. Warnock, PhD. (English Literature, University of Ottawa)