First Greeks repatriated from Israel
The first 81 Greeks were repatriated from the war in Israel have been in the arms of their own people for a few hours now.
- Written by E.Tsiliopoulos
New Democracy unleashes all cadres for second electoral bout
With new... roadmaps for ministers, MPs and party officials, New Democracy is throwing itself into the "battle" of the second electoral round in regions and municipalities from today. Kyriakos Mitsotakis himself will be in the foreground once again, as soon as he returns from today's trip to Varna for the tripartite summit, in order to strengthen the faction's "elect", who did not achieve 43% of the vote from the first Sunday. Greece - Bulgaria - Romania. With the command "everyone out, and coordinated" the government and the party are rallying the faction for the second time, seeking the maximum possible mobilization for victory.
- Written by E.Tsiliopoulos
After the flood: Νo issue of fertility for most of the lands of Thessaly
The first scientific findings from the control of the flooded lands in Thessaly, disprove the theories that the fertility of cultivated fields has been affected and for the need for five years to pass for the lands of the region to be considered suitable for cultivation.
This is stated in an announcement by the Ministry of Agricultural Development, stressing that in the same way, "speculations about the Pagasitikos are are rejected, as a possible bloom of phytoplankton has been observed in the past, however the completion of the investigations is expected to draw safe conclusions".
In particular, the Institute of Industrial and Livestock Plants of ELGO DIMITRA and the Institute of Fisheries Research published the first conclusions of their investigations, which are encouraging for the continuation of production in the affected areas.
The sediment load
According to the Institute of Industrial and Livestock Plants measurements in 281 points out of the 350 it has planned "most fields have received a load of sediment which can be integrated into the soil by cultivating the soil (cultivator or deep tillage depending on the height of the sediment). In these cases, from the first results of the analyzes carried out so far, it appears that the sediments present properties that are not expected to significantly affect the soil properties of the soils after incorporation. In the few cases where the height of the sediments is too high and it is not possible to incorporate them into the soil with deep tillage, soil restoration measures will be needed and should be considered on a case-by-case basis.'
As the Institute of ELGO DIMITRA clarifies, with the integration of a larger number of results, as well as the results of heavy metals, more secure conclusions will be drawn for the optimal management of soils affected by sediments.
What about flooded lands?
Of course, the soils that remain flooded their fertility is considered certainly affected and it is estimated that their traditional fertilizing tactics should be revised.
As far as the Institute of Fisheries' research ongoing research is concerned, so far scientists have been concerned about the transfer of large amounts of terrestrial sediments into the water column and the seabed, which contain nutrient salts of nitrogen and phosphorus, which, as estimated, can disturb the ratio of the two elements in favor of phosphorus, which is the main limiting factor. Therefore, depending on prevailing meteorological and oceanographic conditions, phytoplankton blooms may occur, which have been reported in the bay in the past.
The Minister of Agricultural Development and Food, Lefteris Avgenakis, receiving the first conclusions of the investigations, thanked the ELGO administration and the scientists of the two Institutes working in the field. He noted that the investigations are progressing at a fast pace and with full transparency, so that the final conclusions can be used to plan the next moves for the restoration of the lands and the Pagasitikos, pointing out, however, that the first data refutes the risk experts. He also emphasized that the Ministry of Internal Affairs and Communications in every way continues to be on the side of farmers and breeders as well as fishermen, reminding that in the coming days the order will be issued to support the approximately 461 coastal fishermen of Magnesia, the Sporades and Larissa, with the aim of covering part of the income they lost.
It is recalled that within the coming week the Ministry of Internal Affairs and Communications and the leadership of the ministry have scheduled sectoral meetings per product in Larissa, in order to plan the next steps per product. There will also be discussions on the replacement of livestock with livestock farmers.
The conclusions of the studies
In conclusion, from field measurements of sediment height in fields, most fields have received a sediment load that can be incorporated into the soil by tillage (cultivator or deep tillage depending on sediment height).
In these cases, from the first results of the analyses carried out so far, it appears that the sediments present properties that are not expected to significantly affect the soil properties of the soils after incorporation.
In the few cases where the height of the sediments is too high and it is not possible to incorporate them into the soil by deep tillage, soil remediation measures will be needed and should be considered on a case-by-case basis.
The above conclusions concern only a small sample from the set of analysis results that we expect in the next few days. By incorporating a larger number of results, but also the results of heavy metals, more secure conclusions will be drawn for the optimal management of soils affected by sediments.
For soils that have been flooded with water for several days, it is certain that their fertility has been affected and the "traditional" fertilization tactic that many producers follow by applying specific amounts of fertilizers to each field, should be revised after a fertilization proposal from experts after proper soil sampling and analysis for each crop.
- Written by E.Tsiliopoulos
BofA: What the analysts "see" for Athens
Bank of America publishes today its main conclusions from the trip (September 27) of its analysts to Greece, when they met with high-ranking government officials, the Bank of Greece, the European Commission, the Athens Stock Exchange, major banks and other representatives of private sector, as well as distinguished journalists and political analysts.
Overperformance… the new normal
As analysts found, the economy continued to outperform relative to the rest of the Eurozone, with growth above forecasts. BofA now expects Greece to continue to grow faster than the rest of the Eurozone, with risks still to the upside in the short term.
A delayed recovery from the pre-pandemic crisis, in an economy less sensitive to high interest rates after the massive deleveraging of the previous decade, political stability, structural reforms and strong performance, in tourism in particular, are the reasons for the overperformance.
As a result of the above, revenues also continued to outperform, allowing the government to easily meet fiscal targets in turn. With nominal GDP growth well above budget projections, the government managed to return to primary fiscal surpluses last year, with the balance expected to continue to improve this year and next. This is despite significant new spending from unexpected, severe shocks, including a spike in energy prices last year and natural disasters from fires and floods in several areas this year.
Political stability has been maintained and the government is strong following its recent election victory. The ruling New Democracy party did much better than the polls suggested in the last election, and the latest polls show it remains popular. The main opposition party, SYRIZA, elected a new leader after internal party elections and is planning a party conference soon to determine the way forward.
Seven priorities
The Greek government highlighted the following seven priorities during its meetings with BofA analysts:
• Real income support. Although the government is concerned about inflation and its effects on competitiveness, they also see the need to catch up with real incomes after a sharp fall during the crisis of the last decade.
• Sticking to budget goals no matter what. The government is fully aware of the need to safeguard the country's hard-earned fiscal credibility.
• Reparations and reconstruction after recent, severe natural disasters. Preliminary official estimates show damages of up to 700 million euros, but that could change
• Utilization of EU funds (RRF or NGEU). Greece is on track with implementation and funding, and well ahead of most EU countries.
• Combating tax evasion. While this has been an ambition of every Greek government in recent decades, authorities have argued that this time could be different due to the expansion of digitization and intersections with already tangible results.
• Reform of the judicial system. This was one of the key structural reforms during the adjustment program in the last decade, but governments failed. The project is huge, with a huge backlog and years of delays.
• Health care reform. Much has improved in recent years, but problems and inefficiencies remain.
Challenges and risks
Everyone BofA met, as well as the investors on its trip, were concerned about the global economy and possible scenarios. Greece remains highly exposed to global markets and Greek assets may face pressure during a broad sell off. Although not the main scenario, a Eurozone recession with interest rates remaining high (and) longer to meet the inflation target would also affect the Greek economy. Meeting fiscal targets may also become more difficult in this case.
Complacency is always a risk after strong performances. The Greek government at this point is committed to continuing its reform efforts and believes that the last elections have given it a strong political mandate. Many basic reforms are also conditions for RRF funding. However, given Greece's experience, BofA recommends that investors remain vigilant for any signs that policy resolve may be weakening or, worse, moving in the wrong direction.
On the HFSF
The divestment of the Financial Stability Fund's holdings in Greek banks could prove challenging. The goal is to complete the divestment and close the HFSF by the end of 2025. As the HFSF strategy states, "the Fund will make every reasonable effort to dispose of all its shares in the Greek systemic banks before its maturity date, with orderly manner, consistent with the objective of maintaining financial stability while ensuring that the market receives fair value'.
For BofA the strategy will provide significant benefits for the Greek economy as a whole, increasing the free dispersion of Greek banks which is expected to further enhance the liquidity and efficiency of the Greek capital markets, providing more opportunities for foreign direct investment in the Greek banking sector. The divestment could face challenges, however, depending on global market conditions.
- Written by E.Tsiliopoulos
Greek basketball fans mourn the passing of legendary coach Yiannis Ioannidis
Legendary Greek basketball coach Yiannis Ioannidis, who coached the teams of Nikos Galis and Panagiotis Yiannakis and helped make basketball popular in the 80s, died on Wednesday aged 78.
- Written by E.Tsiliopoulos
Antetokounmpo: Business with Calamos
The discussions follow the creation, a few months ago, of Calamos Antetokounmpo Asset Management LLC by Giannis Antetokounmpo, John Koudounis and the founder of Calamos Investments, John Calamos.
- Written by E.Tsiliopoulos
Greek, French defence ministers at ceremonial launch of 'Kimon' frigate
The 'Kimon' frigate, together with the 'Nearchos' and 'Formionas' frigates, "will spearhead the Greek Navy", said Greek National Defence Minister Nikos Dendias on Wednesday.
- Written by E.Tsiliopoulos
Police arrest two in connection with six-person massacre in Loutsa
The Hellenic Police on Wednesday announced that two people have been arrested as suspects in connection with the multiple murders of six Turkish nationals committed in the Attica seaside town of Loutsa (Artemis) on September 11, 2023.
- Written by E.Tsiliopoulos
Theft of olive oil in Halkidiki: Mystery of how the robbers got in
The damage from the theft of olive oil reported by the Agricultural Cooperative of Olive Production in Polygyros, in Halkidiki, on the morning of Tuesday, October 3, is estimated at more than 370,000 euros.
- Written by E.Tsiliopoulos
Greek NPLs: New rules for debt managers and funds
Around the middle of October, the Ministry of National Economy and Finance is expected to submit the new draft law which brings order in the market for the management and collection of non performing loans. After the irregularities, and especially with regard to the part of informing debtors, the bill - which the government is working on brings an upgrade of the information systems of the funds as they will inform the supervisor in real time through a platform. The ministry is expected to give time to the companies in question to make the system adjustments related to the update.
- Written by E.Tsiliopoulos
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- Written by E.Tsiliopoulos
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Battle SYRIZA - PASOK for the... reins of Greece's Center Left
The second phase of the battle for the reins of the center-left space between SYRIZA and PASOK goes through their opposition to the New Democracy government.
Q&A: Greek Conceptual Artist Caroline Rovithi Exhibits Her Art in NYC And Shares Her Creative Inspiration
The self-taught artist showcased her artwork in the exhibition “All you need is Greece in New York,” at the Opening Gallery, in Tribeca, New York. The exhibition ran from July 29th to September 8th, with the closing ceremony on September 7th. The reception, whose profits went to the nonprofit Luv Michael in support of adults with autism, was hosted by Greece in USA, an organization promoting contemporary and ancient Greek culture abroad. It was also held under the auspices of the Greek National Tourism Organization and the Greek Ministry of Culture. At the ceremony, guests from the diaspora gathered to honor Rovithi’s work, which aims to capture the essence of Hellenism. NGTV spoke with Rovithi to learn more about her impactful work and its influence on the omogeneia.
Greece ready to help transport Ukrainian grain via Greek ports
Foreign Minister George Gerapetritis, in his intervention at the EU Foreign Ministers' meeting in Kyiv, referred to the "immense" repercussions of the collapse of an agreement with Russia for the safe export of Ukrainian grain via the Black Sea, especially for the supply of the countries in the global south.
OECD: Slams Greek courts - What it recommends for SMEs, work, competitiveness
The recommendations of the Organization for Economic Co-operation and Development (OECD) for Greece may be positive, but with many footnotes as the challenges for the competitiveness of the economy still remain and prevent important investments. In particular, the OECD stands on the effectiveness of the judicial system, recommending changes.