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  • Editor’s Picks / Thursday at 15:02 GMT

    Greek shipping less help to Greece than GDP shows

    "A Reuters analysis of corporate filings and economic data suggests shipping's heroic role in Greece's economy is largely a myth," writes Reuters correspondent Tom Bergin. According to official statistics, shipping generates around 4% of Greece GDP. But Reuters analysis shows that so little of the Greek shipping industry's income ever lands in the country that its GDP contribution is perhaps only around a quarter of what the official data show. "Shipowners have resisted any effort to ditch the tax breaks they enjoy, and no government has dared touch them," Bergin writes. Greek shipowners include in their statistics billions of dollars which never enter the Greek economy. If Greece counted only payments to Greek companies and individuals - as other countries do - the deep-sea shipping industry's contribution would be equal to around 1 percent of GDP, Bergin says. For Greece, the cost of the tax breaks to shipowners runs into hundreds of millions of euros, he adds.
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  • Editor’s Picks / 15 November 2015 at 21:14 GMT

    Take back power from EU elites, says Varoufakis

    Business Spectator
    Yanis Varoufakis, the former Greek finance minister, says Europeans must save Europe from itself. He told the Kilkenomics festival in Ireland that citizens need to seize power from the European elite. “Either Europe is going to disintegrate, and I believe it is disintegrating, or we are going to have to bind together across borders and create a political movement across Europe to deal with pan-European problems,” he said. The self-proclaimed Marxist gave his assessment of Irish austerity. “Compared to the implosion in Greece, Ireland is an example of a great success story. But only compared to the Greek implosion. To elevate the Irish case onto the pantheon of macroeconomic success, however, is to stress credulity too much”.
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  • Article / 12 November 2015 at 18:32 GMT

    Massive strike halts Greece in new challenge to PM

    Managing Partner / Spotlight Group
    United Kingdom
    Massive strike halts Greece in new challenge to PM
    Greek trade unions have staged a 24-hour general strike to protest against austerity measures, turning against their former ally, the prime minister Alexis Tsipras, who is walking a tightrope to try to satisfy Greece's creditors and the weary Greek nation. Only by meeting creditor demands will fresh finance flow.
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    12 November
    fxtime fxtime
    What an utter farce the greek saga has become :-( The commentary under the first picture says it all....greek economy at a standstill.....but can we really believe...
  • Article / 06 November 2015 at 10:12 GMT

    Russia rolls over day of reckoning

    Russia oil and gas expert
    United Kingdom
    Russia rolls over day of reckoning
    The central bank of Russia cut its forecast for 2015 capital outflows. Much of the decrease, however, seems to have come from refinancing or rolling over debt into 2016, and Russia's creditors could call in their debts if the Urals oil price drops below the critical $50/barrel level.
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    06 November
    FireWire FireWire
    Hello Nadia. Please let us know about the newest and the second huge pipe between the Russia and China. It will realy be interesting! When it will...
    09 November
    Nadia Kazakova Nadia Kazakova
    The main pipeline project, called Power of Siberia-1, was signed in May 2014, but became effective only in 2015. It is also known as the eastern route,...
    09 November
    Nadia Kazakova Nadia Kazakova
    The other project is now called Power of Siberia-2 (formerly Altai pipeline). It is also known as the western route, because it is supposed to transport the...
  • Article / 16 October 2015 at 10:30 GMT

    The monetary policy dead end

    The Federal Reserve’s September status quo proved how difficult it is for central bankers to bring an end to the emergency measures they adopted in the aftermath of the 2007 crisis. Fed chief Janet Yellen’s hesitation and the market turmoil since August seem to validate that it is impossible to stop the accommodative monetary policy, unless you accept that doing so would trigger a new global crisis.
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  • Editor’s Picks / 17 September 2015 at 5:46 GMT

    Beware repeat of 1997 Asian crisis, with no easy cure

    The Sydney Morning Herald
    If the 1997 Asian crisis was a heart attack for emerging markets, and the current situation could be even worse, say Macquarie analysts. In 1997, speculative attacks forced Thailand to float and devalue its currency, a move swiftly followed by its neighbours. Then came a tumble in Hong Kong stocks that sparked losses in global markets. Emerging markets could now face a bout of chronic disease. Despite the difficulties of 1997, its effects were mitigated by rising global leverage, liquidity and trade. This time around, those factors might be absent. Turkey, South Africa, and Malaysia appear most at risk when taking into account such things as GDP, external debt and current account deficits.
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  • Editor’s Picks / 02 September 2015 at 23:38 GMT

    China, Malaysia spark fears of an Asian financial crisis

    Nikkei Asian Review
    Financial instability in Asia and elsewhere has been attributed partly to China, following the mishandled yuan devaluation and the failed bid to prop up equities. Some wonder if another Asian crisis is brewing. The immediate answer is no, because debt and forex factors that helped to trigger the 1997 crisis are not in play now. But this does not mean everything is different or better. Now, as then, people are fretting about an Asian country, without being able to see how contagion could be unleashed. In 1997 the focus was on Thailand; this time it's on Malaysia. This nation may be a special case, but other countries are feeling the economic stress manifest in slowing growth and faltering exports.
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  • Article / 02 September 2015 at 13:49 GMT

    Steen's Chronicle: The old and the new economic order

    Chief Economist & CIO / Saxo Bank
    Steen's Chronicle: The old and the new economic order
    The current fiat economy whereby manufactured money is pumped into a world blighted by higher costs and lower output is totally unsustainable. Saxo Bank's Steen Jakobsen has devised a new economic model and says the way forward is to adjust to slower growth and get back to the basics of producing goods and services that add value.
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    04 September
    ChinaDan ChinaDan
    ref. China market, today read that news: "Fan Gang, the Monetary Policy Committee of the People's Bank of China, commented that the Chinese equity market is not...