Tag Archive: Athens


Greece – Greece – 4 EQ’s from 5.8 to 4.0 Mag June 16th 2013 – A Total of 15 EQ’s in the last 2 days.

Filed under: Earth Watch Report, Earthquakes, Global Disaster Watch — 1 Comment
June 17, 2013

Earth Watch Report  -  Earthquakes

photo Greece-4EQsfrom538to40MagJune16th2013_zps41032aa0.jpg

Today’s Map

photo Greece-7EQsfrom62to45Mag-61kmSofPirgosJune15th2013_zpsf606e757.jpg

Greece  -  7 EQ’s ranging from  6.2 to 4.5 Magnitude – 61km S of Pirgos  June  15th  ,  2013
photo Greece-15EQsinthelast2daysJune17th2013_zps9b5a99ba.jpg
Greece  – 15   EQs in the last  2 days June  17th  2013

 

  1. 4.1 84km S of Pirgos, Greece 2013-06-17 02:34:42 UTC-05:00 10.0 km
  2. 4.1 74km SSW of Pirgos, Greece 2013-06-16 21:55:02 UTC-05:00 10.1 km
  3. 4.0 64km S of Pirgos, Greece 2013-06-16 18:43:40 UTC-05:00 57.8 km
  4. 5.8 56km S of Pirgos, Greece 2013-06-16 16:39:09 UTC-05:00 37.9 km
  5. 4.3 83km S of Pirgos, Greece 2013-06-16 03:15:14 UTC-05:00 10.2 km
  6. 4.2 68km S of Pirgos, Greece 2013-06-15 23:32:48 UTC-05:00 10.0 km
  7. 4.5 76km S of Pirgos, Greece 2013-06-15 19:53:34 UTC-05:00 10.0 km
  8. 4.3 76km S of Pirgos, Greece 2013-06-15 14:04:04 UTC-05:00 10.0 km
  9. 4.5 76km S of Pirgos, Greece 2013-06-15 13:24:50 UTC-05:00 10.6 km
  10. 4.9 73km SSW of Pirgos, Greece 2013-06-15 12:22:02 UTC-05:00 3.2 km
  11. 4.9 67km SSW of Pirgos, Greece 2013-06-15 12:02:05 UTC-05:00 30.2 km
  12. 4.8 87km S of Pirgos, Greece 2013-06-15 11:59:34 UTC-05:00 28.4 km
  13. 4.6 73km S of Pirgos, Greece 2013-06-15 11:51:14 UTC-05:00 24.5 km
  14. 4.9 73km S of Pirgos, Greece 2013-06-15 11:28:56 UTC-05:00 21.6 km
  15. 6.2 61km S of Pirgos, Greece 2013-06-15 11:11:00 UTC-05:00 10.0 km

….

M5.8 – 56km S of Pirgos, Greece

 2013-06-16 21:39:09 UTC

 

Earthquake location 34.491°N, 25.087°E

Event Time

  1. 2013-06-16 21:39:09 UTC
  2. 2013-06-16 23:39:09 UTC+02:00 at epicenter
  3. 2013-06-16 16:39:09 UTC-05:00 system time

Location

34.491°N 25.087°E depth=37.9km (23.5mi)

Nearby Cities

  1. 56km (35mi) S of Pirgos, Greece
  2. 82km (51mi) SW of Ierapetra, Greece
  3. 92km (57mi) S of Irakleion, Greece
  4. 93km (58mi) S of Nea Alikarnassos, Greece
  5. 406km (252mi) SSE of Athens, Greece

Related Links

….

Contributed by USGS National Earthquake Information Center

Instrumental Intensity

ShakeMap Intensity Image

….

M4.0 – 64km S of Pirgos, Greece

2013-06-16 23:43:40 UTC

Earthquake location 34.424°N, 25.073°E

Event Time

  1. 2013-06-16 23:43:40 UTC
  2. 2013-06-17 01:43:40 UTC+02:00 at epicenter
  3. 2013-06-16 18:43:40 UTC-05:00 system time

Location

34.424°N 25.073°E depth=57.8km (35.9mi)

Nearby Cities

  1. 64km (40mi) S of Pirgos, Greece
  2. 88km (55mi) SW of Ierapetra, Greece
  3. 100km (62mi) S of Irakleion, Greece
  4. 101km (63mi) S of Nea Alikarnassos, Greece
  5. 412km (256mi) SSE of Athens, Greece

Related Links

….

M4.1 – 74km SSW of Pirgos, Greece

2013-06-17 02:55:02 UTC

 

Earthquake location 34.354°N, 24.946°E

Event Time

  1. 2013-06-17 02:55:02 UTC
  2. 2013-06-17 04:55:02 UTC+02:00 at epicenter
  3. 2013-06-16 21:55:02 UTC-05:00 system time

Location

34.354°N 24.946°E depth=10.1km (6.2mi)

Nearby Cities

  1. 74km (46mi) SSW of Pirgos, Greece
  2. 102km (63mi) SW of Ierapetra, Greece
  3. 109km (68mi) S of Irakleion, Greece
  4. 110km (68mi) S of Nea Alikarnassos, Greece
  5. 417km (259mi) SSE of Athens, Greece

Related Links

….

M4.1 – 84km S of Pirgos, Greece

2013-06-17 07:34:42 UTC

 

Earthquake location 34.235°N, 25.169°E

….

Tectonic Summary

Seismotectonics of the Mediterranean Region and Vicinity

The Mediterranean region is seismically active due to the northward convergence (4-10 mm/yr) of the African plate with respect to the Eurasian plate along a complex plate boundary. This convergence began approximately 50 Ma and was associated with the closure of the Tethys Sea. The modern day remnant of the Tethys Sea is the Mediterranean Sea. The highest rates of seismicity in the Mediterranean region are found along the Hellenic subduction zone of southern Greece, along the North Anatolian Fault Zone of western Turkey and the Calabrian subduction zone of southern Italy. Local high rates of convergence at the Hellenic subduction zone (35mm/yr) are associated with back-arc spreading throughout Greece and western Turkey above the subducting Mediterranean oceanic crust. Crustal normal faulting throughout this region is a manifestation of extensional tectonics associated with the back-arc spreading. The region of the Marmara Sea is a transition zone between this extensional regime, to the west, and the strike-slip regime of the North Anatolian Fault Zone, to the east. The North Anatolian Fault accommodates much of the right-lateral horizontal motion (23-24 mm/yr) between the Anatolian micro-plate and Eurasian plate as the Anatolian micro-plate is being pushed westward to further accommodate closure of the Mediterranean basin caused by the collision of the African and Arabian plates in southeastern Turkey. Subduction of the Mediterranean Sea floor beneath the Tyrrhenian Sea at the Calabrian subduction zone causes a significant zone of seismicity around Sicily and southern Italy. Active volcanoes are located above intermediate depth earthquakes in the Cyclades of the Aegean Sea and in southern Italy.

In the Mediterranean region there is a written record, several centuries long, documenting pre-instrumental seismicity (pre-20th century). Earthquakes have historically caused widespread damage across central and southern Greece, Cyprus, Sicily, Crete, the Nile Delta, Northern Libya, the Atlas Mountains of North Africa and the Iberian Peninsula. The 1903 M8.2 Kythera earthquake and the 1926 M7.8 Rhodes earthquakes are the largest instrumentally recorded Mediterranean earthquakes, both of which are associated with subduction zone tectonics. Between 1939 and 1999 a series of devastating M7+ strike-slip earthquakes propagated westward along the North Anatolian Fault Zone, beginning with the 1939 M7.8 Erzincan earthquake on the eastern end of the North Anatolian Fault system. The 1999 M7.6 Izmit earthquake, located on the westward end of the fault, struck one of Turkey’s most densely populated and industrialized urban areas killing, more than 17,000 people. Although seismicity rates are comparatively low along the northern margin of the African continent, large destructive earthquakes have been recorded and reported from Morocco in the western Mediterranean, to the Dead Sea in the eastern Mediterranean. The 1980 M7.3 El Asnam earthquake was one of Africa’s largest and most destructive earthquakes within the 20th century.

Large earthquakes throughout the Mediterranean region have also been known to produce significant and damaging tsunamis. One of the more prominent historical earthquakes within the region is the Lisbon earthquake of November 1, 1755, whose magnitude has been estimated from non-instrumental data to be about 8.0. The 1755 Lisbon earthquake is thought to have occurred within or near the Azores-Gibraltar transform fault, which defines the boundary between the African and Eurasian plates off the west coast of Morocco and Portugal. The earthquake is notable for both a large death toll of approximately 60,000 people and for generating a tsunami that swept up the Portuguese coast inundating coastal villages and Lisbon. An earthquake of approximately M8.0 near Sicily in 1693 generated a large tsunami wave that destroyed numerous towns along Sicily’s east coast. The M7.2 December 28, 1908 Messina earthquake is the deadliest documented European earthquake. The combination of severe ground shaking and a local tsunami caused an estimated 60,000 to 120,000 fatalities.

….

Related articles
About these ads
Tags: , , , , ,
Comment

Greece – 7 EQ’s ranging from 6.2 to 4.5 Magnitude – 61km S of Pirgos June 15th , 2013

Filed under: Earth Watch Report, Earthquakes, Global Disaster Watch — 1 Comment
June 15, 2013

Earth Watch Report  -  Earthquakes

photo Greece-7EQsfrom62to45Mag-61kmSofPirgosJune15th2013_zpsf606e757.jpg

 

….

M6.2 – 61km S of Pirgos, Greece

 2013-06-15 16:11:00 UTC

 

Earthquake location 34.449°N, 25.044°E

Event Time

  1. 2013-06-15 16:11:00 UTC
  2. 2013-06-15 18:11:00 UTC+02:00 at epicenter
  3. 2013-06-15 11:11:00 UTC-05:00 system time

Location

34.449°N 25.044°E depth=10.0km (6.2mi)

Nearby Cities

  1. 61km (38mi) S of Pirgos, Greece
  2. 88km (55mi) SW of Ierapetra, Greece
  3. 97km (60mi) S of Irakleion, Greece
  4. 98km (61mi) S of Nea Alikarnassos, Greece
  5. 409km (254mi) SSE of Athens, Greece

Related Links

….

ibuted by USGS National Earthquake Information Center

Instrumental Intensity

ShakeMap Intensity Image

….

M4.9 – 73km S of Pirgos, Greece

2013-06-15 16:28:56 UTC

Earthquake location 34.339°N, 25.059°E

Event Time

  1. 2013-06-15 16:28:56 UTC
  2. 2013-06-15 18:28:56 UTC+02:00 at epicenter
  3. 2013-06-15 11:28:56 UTC-05:00 system time

Location

34.339°N 25.059°E depth=21.6km (13.4mi)

Nearby Cities

  1. 73km (45mi) S of Pirgos, Greece
  2. 96km (60mi) SW of Ierapetra, Greece
  3. 109km (68mi) S of Irakleion, Greece
  4. 110km (68mi) S of Nea Alikarnassos, Greece
  5. 421km (262mi) SSE of Athens, Greece

Related Links

….

M4.6 – 73km S of Pirgos, Greece

2013-06-15 16:51:14 UTC

 

Earthquake location 34.349°N, 25.000°E

Event Time

  1. 2013-06-15 16:51:14 UTC
  2. 2013-06-15 18:51:14 UTC+02:00 at epicenter
  3. 2013-06-15 11:51:14 UTC-05:00 system time

Location

34.349°N 25.000°E depth=24.5km (15.2mi)

Nearby Cities

  1. 73km (45mi) S of Pirgos, Greece
  2. 99km (62mi) SW of Ierapetra, Greece
  3. 109km (68mi) S of Irakleion, Greece
  4. 110km (68mi) S of Nea Alikarnassos, Greece
  5. 419km (260mi) SSE of Athens, Greece

Related Links

….

M4.8 – 87km S of Pirgos, Greece

 2013-06-15 16:59:34 UTC

 

Earthquake location 34.216°N, 25.049°E

Event Time

  1. 2013-06-15 16:59:34 UTC
  2. 2013-06-15 18:59:34 UTC+02:00 at epicenter
  3. 2013-06-15 11:59:34 UTC-05:00 system time

Location

34.216°N 25.049°E depth=28.4km (17.6mi)

Nearby Cities

  1. 87km (54mi) S of Pirgos, Greece
  2. 108km (67mi) SW of Ierapetra, Greece
  3. 123km (76mi) S of Irakleion, Greece
  4. 124km (77mi) S of Nea Alikarnassos, Greece
  5. 434km (270mi) SSE of Athens, Greece

Related Links

….

M4.9 – 67km SSW of Pirgos, Greece

 2013-06-15 17:02:05 UTC

 

Earthquake location 34.413°N, 24.958°E

Event Time

  1. 2013-06-15 17:02:05 UTC
  2. 2013-06-15 19:02:05 UTC+02:00 at epicenter
  3. 2013-06-15 12:02:05 UTC-05:00 system time

Location

34.413°N 24.958°E depth=30.2km (18.8mi)

Nearby Cities

  1. 67km (42mi) SSW of Pirgos, Greece
  2. 97km (60mi) SW of Ierapetra, Greece
  3. 102km (63mi) S of Irakleion, Greece
  4. 103km (64mi) S of Nea Alikarnassos, Greece
  5. 411km (255mi) SSE of Athens, Greece

Related Links

….

M4.9 – 73km SSW of Pirgos, Greece

2013-06-15 17:22:02 UTC

 

Earthquake location 34.348°N, 24.984°E

Event Time

  1. 2013-06-15 17:22:02 UTC
  2. 2013-06-15 19:22:02 UTC+02:00 at epicenter
  3. 2013-06-15 12:22:02 UTC-05:00 system time

Location

34.348°N 24.984°E depth=3.2km (2.0mi)

Nearby Cities

  1. 73km (45mi) SSW of Pirgos, Greece
  2. 100km (62mi) SW of Ierapetra, Greece
  3. 109km (68mi) S of Irakleion, Greece
  4. 110km (68mi) S of Nea Alikarnassos, Greece
  5. 418km (260mi) SSE of Athens, Greece

Related Links

….

M4.5 – 76km S of Pirgos, Greece

2013-06-15 18:24:50 UTC

 

Earthquake location 34.319°N, 24.993°E

Event Time

  1. 2013-06-15 18:24:50 UTC
  2. 2013-06-15 20:24:50 UTC+02:00 at epicenter
  3. 2013-06-15 13:24:50 UTC-05:00 system time

Location

34.319°N 24.993°E depth=10.6km (6.6mi)

Nearby Cities

  1. 76km (47mi) S of Pirgos, Greece
  2. 102km (63mi) SW of Ierapetra, Greece
  3. 112km (70mi) S of Irakleion, Greece
  4. 113km (70mi) S of Nea Alikarnassos, Greece
  5. 422km (262mi) SSE of Athens, Greece

Related Links

….

Tectonic Summary

Seismotectonics of the Mediterranean Region and Vicinity

The Mediterranean region is seismically active due to the northward convergence (4-10 mm/yr) of the African plate with respect to the Eurasian plate along a complex plate boundary. This convergence began approximately 50 Ma and was associated with the closure of the Tethys Sea. The modern day remnant of the Tethys Sea is the Mediterranean Sea. The highest rates of seismicity in the Mediterranean region are found along the Hellenic subduction zone of southern Greece, along the North Anatolian Fault Zone of western Turkey and the Calabrian subduction zone of southern Italy. Local high rates of convergence at the Hellenic subduction zone (35mm/yr) are associated with back-arc spreading throughout Greece and western Turkey above the subducting Mediterranean oceanic crust. Crustal normal faulting throughout this region is a manifestation of extensional tectonics associated with the back-arc spreading. The region of the Marmara Sea is a transition zone between this extensional regime, to the west, and the strike-slip regime of the North Anatolian Fault Zone, to the east. The North Anatolian Fault accommodates much of the right-lateral horizontal motion (23-24 mm/yr) between the Anatolian micro-plate and Eurasian plate as the Anatolian micro-plate is being pushed westward to further accommodate closure of the Mediterranean basin caused by the collision of the African and Arabian plates in southeastern Turkey. Subduction of the Mediterranean Sea floor beneath the Tyrrhenian Sea at the Calabrian subduction zone causes a significant zone of seismicity around Sicily and southern Italy. Active volcanoes are located above intermediate depth earthquakes in the Cyclades of the Aegean Sea and in southern Italy.

In the Mediterranean region there is a written record, several centuries long, documenting pre-instrumental seismicity (pre-20th century). Earthquakes have historically caused widespread damage across central and southern Greece, Cyprus, Sicily, Crete, the Nile Delta, Northern Libya, the Atlas Mountains of North Africa and the Iberian Peninsula. The 1903 M8.2 Kythera earthquake and the 1926 M7.8 Rhodes earthquakes are the largest instrumentally recorded Mediterranean earthquakes, both of which are associated with subduction zone tectonics. Between 1939 and 1999 a series of devastating M7+ strike-slip earthquakes propagated westward along the North Anatolian Fault Zone, beginning with the 1939 M7.8 Erzincan earthquake on the eastern end of the North Anatolian Fault system. The 1999 M7.6 Izmit earthquake, located on the westward end of the fault, struck one of Turkey’s most densely populated and industrialized urban areas killing, more than 17,000 people. Although seismicity rates are comparatively low along the northern margin of the African continent, large destructive earthquakes have been recorded and reported from Morocco in the western Mediterranean, to the Dead Sea in the eastern Mediterranean. The 1980 M7.3 El Asnam earthquake was one of Africa’s largest and most destructive earthquakes within the 20th century.

Large earthquakes throughout the Mediterranean region have also been known to produce significant and damaging tsunamis. One of the more prominent historical earthquakes within the region is the Lisbon earthquake of November 1, 1755, whose magnitude has been estimated from non-instrumental data to be about 8.0. The 1755 Lisbon earthquake is thought to have occurred within or near the Azores-Gibraltar transform fault, which defines the boundary between the African and Eurasian plates off the west coast of Morocco and Portugal. The earthquake is notable for both a large death toll of approximately 60,000 people and for generating a tsunami that swept up the Portuguese coast inundating coastal villages and Lisbon. An earthquake of approximately M8.0 near Sicily in 1693 generated a large tsunami wave that destroyed numerous towns along Sicily’s east coast. The M7.2 December 28, 1908 Messina earthquake is the deadliest documented European earthquake. The combination of severe ground shaking and a local tsunami caused an estimated 60,000 to 120,000 fatalities.

….

Related articles
Tags: , , , ,
Comment

5.7 Magnitude Earthquake – 47km ESE of Myrina, Greece / 69km (43mi) WSW of Ezine, Turkey

Filed under: Earth Watch Report, Earthquakes, Global Disaster Watch — Leave a comment
January 9, 2013

Earth Watch Report   -  Earthquakes

…

5.7 47km ESE of Myrina, Greece 2013-01-08 14:16:08 39.658°N 25.543°E 10.3

…

M5.7 – 47km ESE of Myrina, Greece 2013-01-08 14:16:08 UTC

Earthquake location 39.658°N, 25.543°E

Event Time

  1. 2013-01-08 14:16:08 UTC
  2. 2013-01-08 16:16:08 UTC+02:00 at epicenter
  3. 2013-01-08 08:16:08 UTC-06:00 system time

Location

39.658°N 25.543°E depth=10.3km (6.4mi)

Nearby Cities

  1. 47km (29mi) ESE of Myrina, Greece
  2. 69km (43mi) WSW of Ezine, Turkey
  3. 81km (50mi) NW of Mitilini, Greece
  4. 91km (57mi) SW of Canakkale, Turkey
  5. 244km (152mi) NE of Athens, Greece

…

…

Related articles
Tags: , , ,
Comment

Tornado – Greece, Ionian Islands, Zakynthos

Filed under: Earth Watch Report, Tornado — 1 Comment
December 1, 2012

Earth Watch Report  -  Tornadoes

 

….

Today Tornado Greece Ionian Islands, Zakynthos Damage level
Details

….

Tornado in Greece on Saturday, 01 December, 2012 at 04:48 (04:48 AM) UTC.

Description
orrential rain has flooded roads in a lot of Greek regions. Three tornadoes hit the island of Zakynthos. Residential buildings and shops are damaged. A passenger train derailed due to the floods in Xanthi, Northern Greece. None of the passengers was injured in the incident. Heavy rain flooded houses and shops in the vicinity of Athens. A tornado caused damages in the region of Katakolon and the roads in Ancient Olympia are flooded.

….

 

Related articles
Tags: , , , , ,
Comment

Merkel to Greece : no money until the troika says the austerity measures are being implemented properly.

Filed under: Austerity, Banking, Economic News, Financial, Global Economy, Politics, Legislation and Economy News, Rising Costs — Leave a comment
October 11, 2012

Politics, Legislation and Economy News

Economic News  -  Global Economy  :  Austerity – Banking – Financial – Rising Costs

Eurozone gives Greece 10-day ultimatum

EUobserver.com
  1. By Valentina Pop

BRUSSELS – Eurozone finance ministers have given Greece 10 days to implement budget cuts in return for a delayed bailout tranche.

  • Merkel and Samaris met in Berlin in August (Photo: primeminister.gov.gr)

“We stressed that before the next disbursement Greece clearly and credibly should demonstrate its commitment to fully implement the programme … by the 18 October at the latest,” said Jean-Claude Juncker, chair of the eurozone finance ministers, on Monday (8 October).

He noted that most of the 89 “prior actions” – a list of budget cuts, privatisations, labour market and tax reforms agreed in March – had been agreed upon within the three-party coalition in Athens, but that no money could flow before everything is implemented.

The €31.5 billion tranche of bailout money has been delayed since June, awaiting a report by experts from the “troika” of international lenders – the EUuropean Commission, European Central Bank and International Monetary Fund (IMF) – who are still in Athens trying to figure out how to plug the widening gap in Greek finances.

IMF chief Christine Lagarde, during the same press conference, also said that “more work needs to be done” and that “acting means acting, not just speaking.”

She denied reports that the IMF was at odds with the EU over Greece’s debt sustainability scenario, a projection underlying the €130 billion bailout agreed in March, which assumes that debt-to-GDP will fall to 120 percent by 2020.

“There are no figures yet, the troika has not finalised its report,” Lagarde said.

In a separate report issued Monday, the IMF warned of a possible worsening of the euro-crisis amid “rising social tensions and adjustment fatigue” in the “periphery” – meaning countries such as Greece, Portugal and Spain where anti-austerity protests have intensified in recent weeks.

About 8,000 protesters took to the streets of Athens on Monday on the eve of a visit by German Chancellor Angela Merkel shouting “Merkel raus [out]” and “Angela, go home.”

Some 7,000 policemen are to be deployed during her six-hour visit to the Greek capital, with large parts of the city closed to protesters.

Merkel is on her first visit since Greece went bankrupt in 2009 and had to ask for two consecutive bailouts. Her visit is designed to show support for centre-right Prime Minister Antonis Samaras as he struggles to implement further austerity measures.

Blamed for most of Greece’s woes in Greek press, Merkel has softened her stance in recent months.

But her message is likely to be more of the same: no money until the troika says the austerity measures are being implemented properly.

 

 

Related

  1. Merkel to visit Greece this WEEK
  2. Greece, Spain up for more austerity despite violence
  3. IMF: politics could wreck EU bank union plan
Related articles
Tags: , , , , , , ,
Comment

Greek police clashed with hooded rioters hurling petrol bombs as tens of thousands took to the streets of Athens in Greece’s biggest anti-austerity protest in more than a year.

Filed under: Activism, Austerity, Economic News, Fiscal Irresponsibility, Global Economy, Politics, Legislation and Economy News — Leave a comment
September 27, 2012

 Politics, Legislation and Economy News

Economic News  :  Global Economy -Activism  – Austerity – Fiscal Irresponsibility

A molotov cocktail explodes beside riot police officers near Syntagma square during a 24-hour labour strike in Athens September 26, 2012. REUTERS-Yannis Behrakis
A masked protester runs through a cloud of tear gas in Athens' Syntagma square during a 24-hour labour strike September 26, 2012. REUTERS-Yannis Behrakis
Passengers arrive at the port of Piraeus during a 24-hour labour strike in Athens September 26, 2012. REUTERS-Yorgos Karahalis

By Renee Maltezou and Harry Papachristou

ATHENS

(Reuters) – Greek police clashed with hooded rioters hurling petrol bombs as tens of thousands took to the streets of Athens on Wednesday in Greece’s biggest anti-austerity protest in more than a year.

Violence erupted after nearly 70,000 people marched to parliament chanting “We won’t submit to the troika (of lenders)” and “EU, IMF Out!” on the day of a general strike against a new round of cuts demanded by foreign lenders.

As the rally ended, dozens of black-clad youths threw stones, petrol bombs and bottles at riot police, who responded with several rounds of teargas. Police chased the protesters through Syntagma square in front of parliament as helicopters clattered overhead. Smoke rose from small blazes in the streets.

About 120 people were detained after angry protesters smashed bus stop kiosks and set fire to garbage cans.

“We can’t take it anymore – we are bleeding. We can’t raise our children like this,” said Dina Kokou, a 54-year-old teacher and mother of four who lives on 1,000 euros a month.

“These tax hikes and wage cuts are killing us.”

The 24-hour nationwide strike, called by the country’s two biggest unions representing half the four-million-strong work force, is shaping up to be the first test of whether Prime Minister Antonis Samaras can stand his ground.

Police officials estimated the demonstration was the largest since a May 2011 protest, and among the biggest since near-bankrupt Greece first resorted to aid from international lenders in 2010 – which has come at the price of painful austerity cuts.

The traditional summer break has allowed the fragile conservative-led coalition to enjoy relative calm on the streets since narrowly coming to power on a pro-euro, pro-bailout platform, but unions say the lull is over.

“Yesterday the Spaniards took to the streets, today it’s us, tomorrow the Italians and the day after – all the people of Europe,” Yiorgos Harisis, a unionist from the ADEDY public sector group told demonstrators.

“With this strike we are sending a strong message to the government and the troika that the measures will not pass even if voted in parliament, because the government’s days are numbered.”

About 3,000 police – twice the number usually deployed – stood guard in the centre of Athens, which last saw serious violence in February when protesters set shops and banks ablaze as parliament approved an austerity bill.

Police formed a barricade outside parliament, and officers blocked a pensioner who tried to move towards Samaras’s office holding a banner with pictures of Greek prime ministers under the title: “The biggest traitors in Greek history”.

Ships stayed docked, museums and monuments were shut to visitors and air traffic controllers walked off the job for a three-hour stoppage. Train service and flights were suspended, public offices and shops were shut, and hospitals worked on skeletal staff as part of the general strike.

“DESTROYING OUR LIVES”

Much of the union anger is directed at spending cuts worth nearly 12 billion euros ($15.55 billion) over the next two years that Greece has promised the European Union and International Monetary Fund in an effort to secure its next tranche of aid.

The bulk of those cuts is expected from cutting wages, pensions and welfare benefits, heaping a new wave of misery on Greeks who say repeated rounds of austerity have pushed them to the brink and failed to transform the country for the better.

“We can’t just sit by idly and do nothing while the troika and the government destroy our lives,” said Dimitra Kontouli, a 49-year-old local government employee whose salary was cut to 1,100 euros a month from 1,600 euros previously.

“My husband has lost his job, we just can’t make ends meet.”

A survey by the MRB polling agency last week showed that more than 90 percent of Greeks believe the planned cuts are unfair and burden the poor, with the vast majority expecting more austerity in coming years.

Unions argue that Greece should remain in the euro but default on part of its debt and ditch the current recipe of austerity cuts in favor of higher taxes on the rich and efforts to nab wealthy tax evaders.

But with Greece facing certain bankruptcy and a potential euro zone exit without further aid, Samaras’s government has little choice but to push through the measures, which have also exposed fissures in his coalition.

With Greece in its fifth year of recession and nearly one out of four jobless, analysts say patience is wearing thin and a strong public backlash could tear apart the weak government.

“What people want to tell Samaras is that they are hurt and Samaras could use this to demand concessions from the troika,” MRB polling director Dimitris Mavros said.

“The people are willing to give the government time, but on certain conditions like cracking down on tax evasion and securing a bailout extension. If the government succeeds in that, its life will also be extended.” ($1 = 0.7715 euros)

(Additional reporting by Tatiana Fragou; Writing by Deepa Babington)

Related articles
Tags: , , , , , , ,
Comment

Authorities in Greece are rounding up thousands of suspected illegal immigrants in a large-scale deportation drive to combat what a government official compared to a prehistoric invasion.

Filed under: Corruption, Economic News, Financial, Fiscal Irresponsibility, Fiscal irresponsibility, Fundamental Rights, Global Economy, Government, Government Overreach, Human Rights, Hypocrisy, Immigration, Jobs, Politics, Rising Costs, Security, World News — Leave a comment
August 6, 2012

Greece arrests thousands in mass migrant sweep

Greece arrests thousands in mass migrant sweep

Athens police staged a mass sweep of undocumented migrants over the weekend, questioning some 6,000 people and pledging to deport nearly 1,600. A conservative government minister described the country’s influx of foreign nationals as “an invasion”.

By News Wires (text)

AP – Authorities in Greece are rounding up thousands of suspected illegal immigrants in a large-scale deportation drive to combat what a government official compared to a prehistoric invasion.

Greece has long been Europe’s main entry point for illegal immigrants from Asia and Africa seeking a better life in the West. But Greece’s severe economic problems and high unemployment are making the problem worse than ever.

Police said Monday that 6,000 people were detained over the weekend in Athens in a massive operation incongruously named after the ancient Greek god of hospitality, Zeus Xenios.

Officers across the city were seen stopping mostly African and Asian people in the street for identification checks. Most were only briefly detained, but about 1,600 were arrested for illegally entering Greece and sent to holding centers pending deportation.

Left-wing opposition parties criticized the crackdown, while the Office of the United Nations High Commissioner for Refugees voiced concern that migrants from war-torn countries and genuine asylum-seekers could be denied the right of protection.

Some 100,000 illegal immigrants are estimated to slip into Greece every year, mostly from neighboring Turkey, and up to a million are believed to live in Greece, which has an official population of about 10 million.

The uncontrolled influx, which coincided with a recent spike in crime, contributed to the sharp rise of an extreme-right political party which uses aggressive rhetoric against immigrants.

Once beyond the pale of Greek politics, the extreme right Golden Dawn gained nearly 7 percent of the vote in parliamentary elections six weeks ago. Mainstream parties also pledged to curtail immigrant flows.

Public Order Minister Nikos Dendias said Monday the rounding-up of illegal immigrants would continue, arguing that their unchecked entry has brought Greece “to the brink of collapse.”

“The country is being lost,” he told private Skai TV. “What is happening now is (Greece’s) greatest invasion ever. Since the Dorian invasion some 3,000 years ago, the country has never received such a flow of immigration.”

Ancient tradition linked the invasion of Greek-speaking Dorian tribes with the end of the heroic Mycenaean age, although historians believe that the Mycenaean palatial civilization was brought down by financial and social unrest.

Dendias said arrested immigrants will be temporarily held at police academy buildings in northern Greece, which are closed for the summer, and at a detention center outside Athens. He claimed that by the end of the year Greece will be able to detain up to 10,000 people.

“Whoever is arrested will be held and then deported,” he said.

The Greek office of the U.N. High Commission for refugees said that while Greece has the right to carry out checks on immigrants, it should ensure that vulnerable groups do not suffer. “People who truly need protection must be able to request it,” said Petros Mastakas, associate protection officer at the UNHCR office in Athens.

“It is very difficult, practically impossible, for asylum seekers to apply for protected status, and we are concerned that among those arrested there may be people who want protection but were unable to submit their requests because access to the relevant authorities is practically impossible,” he said.

Related articles
Tags: , , , , , , ,
Comment

Greek jobless hits record with worse predicted

Filed under: Activism, Economic News, Financial, Fiscal Irresponsibility, Global Economy, Jobs, Rising Costs — Leave a comment
July 12, 2012

Published on Jul 12, 2012 by

http://www.euronews.com/ Challenging Spain for the worst jobless total in Europe Greek unemployment has hit a record 22.5 percent of the workforce.

That was the figure for April, which was the latest available. Analysts said the country’s economy has worsened since then and unemployment will likely go higher.

Thirty-two year old Filia, an educated jewellery maker, has been out of a job for a year and has a 10-month-old daughter. ”It’s difficult. The parents help, I use my savings that I have put aside,” she said.

Michalis, 34, lost his job in Athens at a supermarket two years ago. He then went to France and found a job there, but was forced to return to Athens for family reasons and has not been able to find a job since his return a few months ago. ”There is always hope. But in Greece you see how things are, you cannot always save, save, save, that is why we want a united Europe, there has to be a social network, why don’t they go chase the people who spent all the money,” he said.

Bianca Tampouri, a translator, cannot find work, and her husband and 18-year-old daughter are also unemployed. “All my family we all have a problem, so yes I am concerned. About the future, our jobs, our lives, our psychology, you know dignity, everything,” she said.

But some Greeks are more optimistic; Nikos Govas, who was unemployed but opened a coffee shop, said: “If you want a job, you’ll find something. The problem here is everyone wants to work in a doctor’s office or as a civil servant. But it’s not like that. A rubbish collector or a CEO, they’re both jobs and bring in a wage.”

There could be some respite from jobs created by the summer tourism season, but even that is not guaranteed as visitors numbers and revenue were down earlier this year.

Strikes and violent anti-government protests have deterred tourists from visiting.

Tourism is a key sector which accounts for about one in five jobs in Greece.

Related articles
Tags: , , , , , , ,
Comment

Credit Suisse estimates that up to 58% of the value of Europe’s banks could be wiped out by the departure of the ‘peripheral’ countries

Filed under: Banking, Corruption, Economic News, Financial, Fiscal Irresponsibility, Global Economy, Rising Costs — Leave a comment
June 16, 2012

Eurozone crisis: Banking sector could be ‘wiped out’ if weakest nations leave

Analysis by Credit Suisse estimates that up to 58% of the value of Europe’s banks could be wiped out by the departure of the ‘peripheral’ countries

Soup kitchen in Athens Greece

A soup kitchen in Athens, Greece. Photograph: John Kolesidis/Reuters

Few large eurozone banks would be left standing and the banking sector could face a €370bn (£298bn) lossif the euro crisis results in the single currency bloc breaking apart, according to one of the first indepth analyses of what might happen if the eurozone disintegrates.

The analysis by Credit Suisse estimates that up to 58% of the value of Europe‘s banks could be wiped out by the departure of the “peripheral” countries – Greece, Ireland, Italy, Portugal and Spain – from the eurozone.

Even if the single currency remains intact some €1.3tn of credit could be sucked out of the system as banks retrench to their home markets, unwinding years of financial integration, the Credit Suisse analysis warns. his represents as much as 10% of the credit in the financial system.

“We find that a Greek exit could be manageable … but in a peripheral exit, few of the large listed eurozone banks would be left standing,” the Credit Suisse report said.

The banking sector could need capital injections of as much as €470bn if the three scenarios considered by the Credit Suisse analysts – a Greek exit, an exit of the periphery countries and a situation where banks retrench domestically – happen at once.

The UK’s banks will not escape unscathed, although they are better insulated than those in the eurozone. In the event that the peripheral countries leave the eurozone, Barclays faces losses of €37bn and bailed out Royal Bank of Scotland some €26bn.

If only Greece were to leave the single currency, the Credit Suisse analysts calculate that losses for Europe’s banks would be limited to some 5% of the stock market value of banks across the eurozone with French banks and investment banks being hit hardest. Credit Agricole would be worst effected by a Greek exit.

The Credit Suisse analysts insist they are not expecting the euro area to break up – or for Greece to leave – but they believe it is likely there will be a dramatic reduction in cross-border business – leading to less loans for businesses and individuals. The International Monetary Fund has estimated that some €2tn of credit could be lost through a eurozone break up and the Credit Suisse analysts point out they have only analysed the impact on banks they research.

Ratings agency Fitch also estimated the impact of a Greek exit from the eurozone. While the direct impact would be minimal, Fitch warned that “the indirect impact of a Greek redenomination on banks throughout the eurozone could be severe”.

“A robust response from policymakers would be required to prevent contagion, and Fitch would expect a strong public statement of commitment by the European Central Bank and eurozone policymakers to provide support, if required,” Fitch said.

“Banks in Portugal and Ireland are more vulnerable to contagion risks as these nations could be perceived ‘next in line’ for a euro exit. If the EU policy response fails to control contagion risks and if bank runs and capital flight were to become a reality, banks in these countries would be under severe stress,” it said.

The Credit Suisse analysts said that banks have been preparing for a potential Greek exit so the impact would be limited, so long as “it is an orderly event”.

But if there is an exit of the five countries in the periphery the the consequences for the banks in those countries would be substantial”with some of them having their tangible equity largely wiped out”. Among those which would fall into this category are Intesa Sanpaolo in Italy.

“

 

 

 

Beijing on alert for possible Greek eurozone exit

  • Xinhua
An election poster for Greece's left-wing Syriza party. (File photo/CNS)An election poster for Greece’s left-wing Syriza party. (File photo/CNS)

China must take precautions against a possible exit by debt-ridden Greece from the eurozone, as an exit could cause turbulence in global financial markets and hurt exports and growth, government economists and analysts have warned.

Measures they have suggested to counter the crisis include adjusting asset holdings in the eurozone, boosting domestic demand, promoting structural reforms and hedging exchange losses, as well as maintaining a stable currency.

The world’s second-largest economy might see its year-on-year growth dip below 7% if Greece leaves the eurozone under current circumstances, according to Ba Shusong, an economist with the Development Research Center of the State Council, China’s cabinet. “That scenario and its impact on employment would be undesirable for the Chinese government,” Ba said.

His comments come ahead of national election polls conducted in Greece on Sunday, with global investors fearing that a left-wing coalition government will emerge from the election and tear down the bailout deals that have kept Greece afloat since 2010, leading to default and an exit from the eurozone.

Financial turbulence in Europe was a major driver in China’s economic downshift early this year, as it reduced external demand markedly, Ba said, adding that a Greek exit from the eurozone will make the situation worse.

He urged authorities to follow developments in Europe closely and adjust economic policies in line with the changes. China should reduce its holdings of assets in the eurozone’s peripheral countries if Greece moves toward an exit, Ba suggested.

To offset external impact with domestic demand, the government must continue to maintain investment growth, carry out structural tax reduction and boost the role of private capital, he added. There is a strong possibility that Greece will drop out of the eurozone in the future if economic turmoil continues in the region, although it is unlikely that it will happen immediately, Ba estimated.

The economist noted that if Greece stays in the eurozone, China’s exports will pick up after bottoming in the second quarter of 2012 and there should not be any massive fiscal stimulus like the 4-trillion-yuan (US$634 billion) investment plan rolled out in late 2008 to counter the global financial crisis.

Xiang Songzuo, deputy head of the International Monetary Institute at Renmin University of China in Beijing, said Greece is unlikely to withdraw from the eurozone at present and will return to talks with the EU, no matter which party gains power in the election.

Xiang said the government should take measures to maintain financial stability, especially the stability of the Chinese currency, adding that Beijing’s current policies to support growth are already the best response to the eurozone crisis.

China’s economy expanded at its slowest rate in nearly three years in the first quarter of 2012, growing 8.1% year on year, as the European sovereign debt crisis diminished export orders and a subdued property sector cooled investment.

Export and industrial output growth rebounded slightly in May from lower-than-expected levels in April, but fixed-asset investment and retail sales have continued to slow, according to official data. To buoy the slowing economy, China announced its first interest rate cut in more than three years last week. It has also fast-tracked some investment projects, opened the way for private capital to enter state-dominated industries and provided subsidies for purchases of energy-saving home appliances.

Economic troubles are likely to continue to plague Greece, which will weaken China’s exports gradually, said Yao Wei, China economist at Societe Generale. China’s monthly import and export growth will likely stay in the single digits from now until the third quarter, he forecast. However, Xiang said he believes there is no need to worry too much about the impact, as China’s major trading partner in the eurozone is Germany, whose economy remains resilient.

Exporters have been advised to prepare for fluctuations in the euro’s value against the Chinese yuan, which will incur greater risks of exchange losses.

The euro is expected to continue depreciating against the yuan in the near future and Chinese firms can use forward foreign exchange contracts and other financial derivatives to hedge exchange risks, said Ye Yaoting, a foreign exchange analyst with the Bank of Communications.

Companies should change euros into US dollars or yuan and receive future payments in non-euro currencies as much as possible, advised Wan Chao, an investment manager at Ping An Asset Management.

The EU is China’s largest trading partner. Its trade with China edged up 1.3% year on year in the first five months of 2012, compared to the 7.7% growth of the country’s total foreign trade.

Meanwhile, Chinese banks have been scaling back financial derivative trading with European banks to reduce exposure to risks. The Bank of China, the country’s third-largest lender, suspended purchases of derivatives, such as credit default swaps, from French banks Societe Generale and Credit Agricole at the end of 2011.

Industrial and Commercial Bank of China and Bank of Communications have also reduced investment product transactions with Societe General, Credit Agricole and French lender BNP Paribas, according to the banks’ reports.

Although China’s financial sector has very limited exposure to sovereign and bank asset risks in the eurozone, massive capital outflow from risky markets will affect China if Greece breaks away from the eurozone, Yu Yongding, a former central bank adviser, was reported as saying in late May.

China’s central bank and other departments should consider measures, including capital controls, capital market suspension and contingency fund injections, to counter the impact of a possible Greek withdrawal, Yu proposed.

Related articles
Tags: , , , , , , , , , , , , ,
Comment
Follow

Get every new post delivered to your Inbox.

Join 832 other followers