Archive for June 14th, 2010

Moody’s downgrades Greece – Greek FinMin Reaction!

June 14, 2010

Moody’s: Υποβαθμίζει την  Ελλάδα σε “Ba1” από “A3”

Moody’s downgrades Greece’s debt to junk status

from Associated Press “Moody’s Investors Service slashed Greece’s credit rating to junk status on Monday in a new blow to the debt-ridden country that is under intense international scrutiny after narrowly avoiding default last month.

A Moody’s statement said it was cutting Greece’s government bond ratings by four notches to Ba1 from A3, with a stable outlook for the next 12-18 months. It was the second of the three major agencies to accord Greek bonds junk status. Standard & Poor’s did the same in late April The downgrades reflect concern that the country could fail to meet its obligations to cut its deficit and pay down its debt — which the Greek government says is out of the question.  After amassing a vast public debt and overspending that sent its budget deficit spiraling to 13.6 percent of gross domestic product in 2009, Greece was saved from defaulting on its loans in May by the first installment of a joint EU and IMF euro110 billion bailout. It is to receive the second in September, pending implementation of a major austerity program that has sparked strong union reaction and a series of damaging strikes.

“The Ba1 rating reflects our analysis of the balance of the strengths and risks associated with the Eurozone/IMF support package,” said Moody’s lead analyst for Greece Sarah Carlson.  ”

( Read more about Moody’s statement: http://www.google.com/hostednews/ap/article/ALeqM5iXUJvBknZVGqsBenIusBgBvWj5WQD9GB7D900 )

Immediate Reaction from Greek Finance Ministry

StatementGreek Finance Minister Giorgos Papaconstantinou

“The current decline of the Greek economy from the firm Moody’s in no way reflects either the progress made in recent months or the opportunities provided by the fiscal consolidation and improving the country’s competitiveness.

The budget execution data show very clearly that the program has been agreed by Greece in the EU, the ESF and D.N.T. running normally, the deficit has declined 40% compared with 2009. This significant improvement has been recognized by the European Commission, the European Central Bank and the International Monetary Fund. Moreover, the recession in the first quarter is lower than that for the full year from the Memorandum. Revenue from VAT, which was created during the first quarter increased by 6% while last year had decreased by 11%.

All the different structural measures specified in the Memorandum of Cooperation are implemented properly and many are already ahead of schedule that has been set. And the state debt, although now rising, is expected to de-escalate in 2013 and maybe earlier if it appears to be developed progressively more favorable conditions.

The Greek government remains absolutely committed to the task of fiscal adjustment and improve the development prospects of the country”

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What a Party-Scandal! Navy bows to Money (Upds)

June 14, 2010

Uproar caused by the wedding party  at the historical  battleship AVEROF !

Οργή για το πάρτυ Πατίτσα- Χρουσαλά στο Αβέρωφ

Last Thursday  the sunset is mellow in Paleo Faliro, a coastline suburb  of Athens.  The summer heat weave days have not started yet, the humidity is bearable. Around 8 o’ clock people walking at the seaside promenade are astonished. Expensive and shiny cars, jeeps and limousines arrive,  hold in front of the legendary battleship Averof and  glamorous esteemed  guests come out.

The esteemed guests upon arrival on the ship are welcome by similar esteemed hosts:  newly weds  Leo Patitsa, Reeder, and Marietta Chrousala, ex TV Girl.

After hosts and guests have shaken hands and blown ‘diplomatic’ kisses in the air, guests start ‘marching’ on the ship deck, decorated with  flower columns in white. For the newly weds…

By 9  o’ clock the legendary deck is full of beautiful people, young and old, rich and less rich, not to say “working girls”.  The clothes are expensive. Some are less expensive but sexy, as lots of models from the local modelling scene are also invited.

The buffet is  a reminiscent of a wedding party with sugared almonds, champagne and exquisite food. Guests enjoy the evening eating, drinking, chatting and starring at the stars and looking the sea.

Among the crowd is , of course,  the relaxed commodore of the ship,  in a playful mood, who addressing the esteem guests wishes to all “Have Fun!”  Hosts and guests do later have fun, when the cool jazz is switched  to oriental tunes and hosts and guests are starting to dance. As only Greeks understand to dance and have fun…

It is  a right perfect wedding party. The time is right, the people are right, the weather is right,  food & drinks are right but the place is wrong!
Στη Βουλή το πάρτι Πατίτσα - Χρουσαλά στο Αβέρωφ
Then battleship Averof is a floating navy museum, sis honored with the respect owed to a historical  monument.
The Averof  was launched on March  1910 and has served as the flagship of the Royal Hellenic Navy. She has participated in the Balkan wars, and  she took part in the liberation of the northern and eastern Aegean. The Averof have succeeded  in forcing the Ottoman fleet to retreat in disorder.
In 1984, the Greek Navy decided to restore her as a museum, and in the same year she was towed to Faliron Bay, where she is anchored to this day and functioning as a floating museum, seeking to promote the historical consolidation and upkeep of the Greek naval tradition.
The ship is still regarded as in active service, carrying the Rear Admiral’s Rank Flag a square blue flag with white cross. Every Greek Navy ship entering or sailing in Faliron Bay honours the Averof while passing. The crew are ordered to attention (with the “Still to” order) and from the relevant Boatswain’s pipe (or bugle call) every man on decks stands to attention, officers saluting, looking to the side where the Averof is in sight until “Continue” is ordered .
1919 Bosporous

Greek Nav
y honours the Averof saluting , Greek High Society honours the AVEROF dancing.

Friday morning at 2 o’ clock the wedding party was over.
Hosts , guests and the Commodore  went home to rest.
It would have been a perfect party, if it wasn’t a weekly newspaper that got pictures of the newly weds and their guests – including the Commodore.
The weekly Proto Thema was published yesterday Sunday  revealing the story and the pictures  causing an uproar  among the Navy, the media and the common Greeks, who watched  the whole thing  thinking “Those rich have not respect of anything!”
Meanwhile…
– The Commodore Evaggelos Gavalas has been dismissed from the ranks of the Navy!
– The letter of Leo Patitsa asking for a  permission from the Navy  General Staff to “host an event honouring the 100th Anniversary of Launching the Averof”, has been
leaked to the media.
– The Navy “returns’ – not yet though –  the donation of  € 5.000 to the Party hosts !
– No excuse or explanation has been released so far by the hosts.
– Some people wonder what if the newspaper has not published the story?
– Why weren’t there any objections from the Commodore during the Party?
– Could any Commodore or sailor stand up and protest  the money power of reeders?
… And Some Days Later…..
Minister of National Defense Evaggelos Venizelos described the event as ‘provocative, heavily insulting the honor and reputation of the Navy,  heavly insulting the patriotic sensitivity ” and said  “it is dangerous to be captured by the power of wealth  or by the superficiality of  celebrities.  “
Venizelos also said  that the request for organizing an event on  the battleship was submitted in November 2009 in order to honor the centenary of the accession of “George Averof” in  the Navy, in the frame of  Maritime Fair “Posidonia 2010”.

He also said that on the eve of the event, the company thanked the Navy for granting the Museum for an event donating  EUR 5.000.


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