Senin, 02 April 2012

Greek updates....

Three rallies a day 'killing off' Athens
2 Apr 2012
Athens Mayor Yiorgos Kaminis wants the next government to impose tougher limits on public demonstrations, warning the frequent protest rallies are "killing off" the city centre.
Kaminis' office sent his proposals to Greek political parties on Monday in the form of draft legislation _ calling for tougher permission procedures for demonstrations, stricter traffic control to keep lanes open during rallies and provision to hold rally organizers accountable for damage caused to property if demonstrations turn violent.
He said three demonstrations were held daily in the capital, compounding the misery for shopwoners already hard hit by the recession.
"The statistics show that every day in Athens there are on average three protest rallies or gatherings," Kaminis told a news conference at City Hall.
"These are killing off the city centre, as a result of the action of the (protest) organizers but also by the police," he said. "Reforms are required so that members of the public can exercise their constitutional right to demonstrate without disrupting Athens' role as the administrative centre of the country, the commercial centre of the country, and even the entertainment centre of the country." (athensnews/gw)


Bond swap "rebels" still holding firm over non-participation
2 Apr 2012
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file photo
A minority of private holders of Greek government debt remain sharply divided on whether those opposed to a bond swap costing them three-quarters of their investment, should be obliged to take part in the deal, government figures showed on Monday.
What happens to those who do not participate, may set an important precedent in Western Europe's first sovereign debt restructuring in decades.
The swap has been hailed as a success by Greece, allowing it to procure bailout funds from European partners and the International Monetary Fund to avert bankruptcy.
Athens completed the bulk of its bond exchange on March 12, swapping a nominal amount of 177 billion euros of government paper issued under Greek law for new securities, inflicting real losses of about 74 percent on private-sector bondholders.
However, the exchange of bonds issued under foreign law has yet to be settled, and special meetings have tried to get more of the holdouts on board. Investors holding about 8.3 billion euros in face value have been resisting the swap.
Thirty-six bondholder meetings took place on March 27-29, the finance ministry said, to decide whether so-called "collective action clauses" (CACs) should be activated, allowing a majority of investors to enforce the losses on minority shareholders.
Sixteen of those meetings gave the go-ahead to impose the CACs. Eleven meetings rejected them, seven meetings were adjourned and two failed to reach a quorum.
Greece has given remaining holdouts on its foreign-law and other government-guaranteed debt until April 4 to take part in the swap, extending a previous deadline.
The participation rate in the bond swap is already 95.7 percent, and Greece will have three options on what to do with the small minority who hold out. It can continue to service the bonds, default and trigger litigation or come up with another offer.
Known as private sector involvement (PSI), the swap includes a pool of foreign-law Greek government bonds and bonds issued by state firms totalling a nominal value of 28.3 billion euros. Of this pool, 20 billion had already accepted the swap.
"The Republic accepted the amendment of all series where the resolutions were approved by the requisite majority and re-opened the consent solicitation for all series where meetings have been adjourned to April 18," the finance ministry said.
"Whatever the final outcome on the holdouts, it does not alter the fact that the debt exchange was successful, landing between 96 to 100 percent," an Athens based economist said. (reuters)


News bites @ 5
by Makis Papasimakopoulos2 Apr 2012
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file photo
PIRAEUS BANK CHIEF WAS MONOPOLY MAN. Only instead of playing the game on a square board like the rest of us, Michalis Salas, the executive chairman of Piraeus bank, played it for real, with a sprinkling of properties throughout Greece which he bought through various investment companies that his family owned. Let it not be said that he wasn’t looking out for his bank employers however. He rented a number of these properties back to them. Which was nice of him.
BOND SWAP VICTORY LAP PREMATURE?They may have been plenty of celebrations concerning the successful completion of the PSI bond swap procedure, but there is still work to be done, with a number of bond swap “rebels” still refusing to participate and a decision on how best to deal with them, still waiting to be formed.
POP GIANTS DURAN DURAN HEADING TO GREECE. Despite everyone predicting a rough patch of sea ahead, for gig promoters in Greece, so far the signs all point to a highly active summer, with a large selection of events to choose from. The latest announcement came on Monday, with pop giants Duran Duran being confirmed to appear in Thesaloniki, the city added to their already bulging European tour. The band will appear at the Earth Theatre (Theatro Gis) on July 6 and tickets go on sale online as of April 5. (
PUBLIC SECTOR STAFF TO FACE MULTIPLE CHOICE EVALUATION. The much discussed public sector staff evaluation project received the green light from Administrative Reform and Electronic Governance Minister Dimitris Reppas on Monday. The testing will rely heavily on multiple choice style questions and is one of the key steps towards reducing the public sector by 150.000 workers by 2015.

FRIDAY FIREFIGHT LAUNCHES MANHUNT.Police on Monday launched a manhunt for a man after an exchange of fire in the seaside district of Glyfada. Motorcycle police approached what they considered to be a suspicious vehicle that was stopped near a bank at noon on Friday. The man who was in the car opened fire on police, who returned the shots, and sped off. No one was injured in the exchange of shots.

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