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Giant ‘balloon of magma’ inflating under Greek island could cause first eruption in over 60 years

September 10, 2012 1 comment

earth-issues

A giant ‘balloon of magma’ is inflating under the volcanic Greek island of Santorini, warns a new study.

The balloon is so big it has forced the island upwards by 14cm between January 2011 and April this year.

It has also triggered a series of small earthquakes, the first seismic activity in 25 years – raising fears that the volcano could erupt for the first time since 1950.

Volcanic crater on Nea Kameni, Santorini, Greece. The chamber of molten rock beneath Santorini's volcano expanded 10 to 20 million cubic metresVolcanic crater on Nea Kameni, Santorini, Greece. The chamber of molten rock beneath Santorini’s volcano expanded 10 to 20 million cubic metres

The chamber of molten rock beneath the volcano has expanded 10 to 20 million cubic metres – up to 15 times the size of London’s Olympic Stadium – between the time – according to a survey conducted by a team led by Oxford University scientists.

The results come from Read more…

S&P Downgrades Greece to ‘Selective Default’

February 28, 2012 Comments off

moneynews

Greece’s credit ratings were cut to “Selective Default” by Standard & Poor’s after it negotiated the biggest sovereign debt restructuring in history.

S&P dropped Greece’s rating from CC, two levels above default, after the government added clauses to its debt designed to mop up investors unwilling to take part in the exchange, the New York-based company said in a statement Monday.

The downgrade follows a reduction last week by Fitch Ratings to C, while Moody’s Investors Service has said it will cut the nation to its lowest rating. Greece published the formal offer document last week for its agreement to exchange bonds for new securities, with investors taking a Read more…

Will America follow Greece?

February 14, 2012 Comments off

timesunion.com

Our opinion: Congress could take a lesson from Greece, which waited far too long to do something about spending and revenue. But the early signs are not encouraging.

On two things liberals, conservatives and just about everyone in between should be able to agree: First, a nation that keeps spending more than it takes in is headed the way of Greece. Second, nobody wants to be Greece.

So as Congress now considers President Obama’s budget, it needs to ask whether the plan at least starts to put the U.S. government on a sustainable course, without going so far overboard that it threatens a fragile recovery. At first blush, Mr. Obama’s budget appears to be a serious start.

But first, let’s look at Greece, and not just for the sake of schadenfreude.

Greece’s crisis is the result of a nation refusing for years to accept that sometimes leadership means making hard, unpopular choices. So many Greeks enjoyed things the country really couldn’t afford: wondrously early retirement — 50 for some workers —  culturally accepted tax evasion, and, particularly for those in public service, generous salaries and benefits. To fund it all, the government plunged hopelessly into debt.

Now Greece is resorting to a View full article

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Gold Rises As Greek Parliament Approves Austerity

June 29, 2011 Comments off

infowars

photoPhoto: Mike Herpel.

Gold traded higher for a second day on word that the government of Greece will accept austerity measures despite the overwhelming rejection of the IMF and EU plan by the Greek people.

“By now we think (the Greek vote) should be priced and the gold price shouldn’t react to a large extent if the austerity package is really approved later in the day,” Commerzbank analyst Daniel Briesemann told Reuters.

Reuters reported that its 19-commodity index rose 1.7 percent on Tuesday, the most significant daily rise in nearly six weeks, driven primarily by the news from Greece.

In addition to boosting gold, the news pushed the euro up over the dollar. Speculation that the Greek crisis will not stop the European Central Bank from raising interest rates next week also contributed to the fall of the dollar, according to Bloomberg. The ECB raised Read more…

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Bailout plan roils Greece’s leaders

June 17, 2011 2 comments

boston

Greece was wracked by political turmoil yesterday as the embattled prime minister faced down a party revolt over new austerity measures — a bitter dispute that forced the EU to hint at new loans so Greece can fend off a summer default.

Prime Minister George Papandreou has struggled to garner support for a new package of $39.5 billion in spending cuts and tax hikes demanded by the European Union and the International Monetary Fund, which last year granted his debt-ridden nation $155 billion in bailout loans.

But the measures have sparked riots on the streets of Athens and open criticism from his own Socialist lawmakers. Papandreou’s desperate efforts to form a coalition government with the opposition conservatives collapsed Wednesday, and the Read more…

Greece Chaos: 20,000 protest in Athens, cops fight masked rioters

June 15, 2011 Comments off

Greece ‘runs out of tear gas’ during violent protests

May 12, 2011 2 comments

telegraph

 Greece has issued an international appeal for more tear gas after supplies ran low because police fired so much of it during a week of violent protests across the country.

Demonstrators, in a cloud of tear gas, hurl rocks at police during clashes in central Athens Photo: AP

Officers released 4,600 capsules of tear gas during confrontations in Athens and nearly a dozen other cities since riots erupted over the fatal shooting of a 15-year-old schoolboy by a policeman last Saturday.

The greek government is urgently seeking fresh supplies of tear gas from Israel and Germany, the police said.

Yesterday, a report disputed claims by lawyers for the policeman accused of killing Alexandros Grigoropoulos that the bullet hit the boy after ricocheting.

The Kathimerini newspaper said that the results of forensic tests on the bullet indicated that it had been fired directly at the teenager.

Athens Bar Association condemned the policeman’s lawyer, Alexis Kougias, for “desecrating the dead” by claiming that the Read more…