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Chinese Leaders Do Well in Managing Economy, Professor Says
2011-03-18 23:00:37 Xinhua Web Editor: Zhang


China's leaders do well in managing the nation's economy and helping many other countries deal with the international financial crisis, says a Greek economics professor.

China's leaders do well in managing the nation's economy and helping many other countries deal with the international financial crisis, says a Greek economics professor.

Gregory Prastacos, rector of the Athens University of Economics and Business and chairman of the Athens Business School of Confucius Institute, appears very positive about initiatives undertaken by Chinese leadership on the economic front.

He noted during a recent interview with Xinhua that in a network economy any decisions taken in Beijing have an effect on all other economies.

"Chinese leaders are doing a very good job in managing their economy and in protecting many of the economies of the world. They move consistently towards opening up, and I believe this is to the benefit of China and the rest of the world," Prastacos said.

The professor, who has visited China about 20 times, said he is impressed with the image of a modern country changing rapidly. He is very optimistic about China for one more reason -- the big investment in developing knowledge.

"I believe this is the key, because we live in an innovation economy and innovation means knowledge and transform knowledge into valuable products and services, Prastacos said. "Developing knowledge is of paramount importance to the sustainable growth of a country and this is what I see in China."

As chairman of the Athens Business School of Confucius Institute, the third of its kind established in Europe two years ago after the London School of Economics and the Copenhagen Business School to promote Chinese language and culture, Prastacos contributes to efforts to bring the two countries and peoples closer.

He is very positive about the future of collaborations between Greece and China, as well as the future of the debt-ridden Greek economy, rejecting scenarios of a possible default or restructure of the Greek debt or a dissolution of the eurozone.

"One of the things to remember is that we live in a network economy. The side effects are going to be very bad for anybody, not only in Europe, but all over the world. The European debt and the Greek debt is bought by many countries and organizations in all over the world. Nobody wants something like that," the professor said.

Prastacos expressed optimism, arguing that the structural changes the Greek government implements will turn Greece into a more productive economy, exploiting unique capabilities and resources to exit the crisis.

"We are a unique country as far as location, cultural resources, shipping and tourism which is a sector of the economy that acts like a catalyst for growth for all other sectors," he said.

Noting that every company that wants to enter the European market is bound to look at Greece as an entry point to the EU, the professor referred to COSCO's investment in the Port of Piraeus as an initiative that will push growth in Greece.

"We need two things to boost development in our country -- some big investments which will give the feeling of success stories and decentralized and down to the ground strategy to develop investments at the local level," Prastacos said.

He explained that he supports developing clusters in regions based on what capabilities that region has.

"Piraeus is a very good example of this, because being the center of shipping has a whole network of companies and services around shipping, such as logistics, law, insurance, operations and electronics. The same thing can be done for every region of Greece," he said.

(Agenzia Nuova Cina)
 
Ultima modifica:
io qualche gain me lo sono messo in tasca
se riscendo le ricompro
speriamo bene nella prox settimana con il vertice del 24-25
 
Siamo ancora in piena recessione, ma non è una novità.

Lo è nella misura in cui i dati peggiorano oltre le stime, il tentativo di risparmiare sulla spesa diverrebbe inutile se il PIL proseguisse nel suo andamento negativo. Ricordo la stima dei greci di fine anno scorso:

1300466327untitled.jpg
 
Lo è nella misura in cui i dati peggiorano oltre le stime, il tentativo di risparmiare sulla spesa diverrebbe inutile se il PIL proseguisse nel suo andamento negativo. Ricordo la stima dei greci di fine anno scorso:

1300466327untitled.jpg

Hai ragione, ormai diventa una necessità recuperare quote di PIL perse.
 
Greek Banks Gain 4.5% For Week



Greek banks ended with 4.5% profits for week, despite their losses on Friday, while the General Index failed to hold 1,600 units, but maintained a positive sign for week.

The General Index’s decline on Friday was just the fourth one during March, while Pegasus Securities comments that this was one of the most nervous weeks of the year.

The Athens Stock Exchange moved fluctuating within very wide margin that reflects both the fragile state of market sentiment and the high adaptability to news flow that affected heavily the foreign markets, said Pegasus.

Until now, the results do not provide any support for valuations, as they appear close to the estimated range, while conference calls disclose a sense of cautiousness rather than optimism.

Although it is too early to reach a general conclusion, as only 15% of the listed companies have published their financial results, there is a shrink of 59% in corporate profits. The decline is expected to be bigger, as the most profitable and durable companies have already announced results, Pegasus added.

Note that Metka, Mytilineos, S&B, Alpha Bank, National Bank and Piraeus Bank are scheduled to announce results next week, while the European Summit late March is expected to draw investors’ attention again. The Greek government’s privatization program, which was requested by the European Union as a prerequisite for lower interest rates, will be at the centre of attention.

Across the board, the General Index ended at 1593.78 units, a session’s low, down 1.65%. Approximately 33.55 million units worth €139.5mn were traded on Friday, while a total amount of 95 shares declined, 56 rose and 132 remained unchanged.

Banks ended at 1,385.49 units, down 1.29%, after a fluctuation within a margin of 3.01%. Only Proton Bank and Alpha Bank moved upwards, with gains of 1.16% and 0.38%, while Piraeus Bank and Attica Bank remained unchanged.

On the other hand, Geniki Bank, ATEBank and National Bank fell by 4.65%, 2.47% and 2.29% respectively, while Bank of Cyprus, Hellenic Postbank, Eurobank and Marfin Popular Bank declined by 1.46%, 1.33%, 1.18% and 1.06% respectively.


(capital.gr)
 
EU Juncker:To Have Debate On New EFSF Interest Rate This Week



FRANKFURT (MNI) - There will be a debate in the course of the coming week on the possibility of lowering the interest rates charged by the European Financial Stability Fund on loans to countries that request its assistance, Eurogroup head Jean-Claude Juncker said Friday.
Speaking to reporters on the sidelines of an event here, Juncker, who also serves as Luxembourg's Prime Minister, said he was not sure if the so-called capital key, or percentage share of capital paid by each contributing country, would change for the new permanent mechanism, the ESM.
Asked about a new lower interest rate for the EFSF, Juncker said, "we will have a debate in the course of this week concerning the pricing. We have made a decision as far as Greece is concerned and I do think that this is a good indication for other pricing measures."
Eurogroup leaders, at their special summit a week ago, agreed to reduce by 100 basis points the interest rates charged on aid loans to Greece by EMU partners.
The leaders agreed on the general principal of providing such relief to other fiscally-troubled Eurozone nations that may request aid. But they declined to offer the same benefit to Ireland, the only other country with an aid deal, because of a dispute over the country's low corporate tax rate.



(imarketnews.com)
 
Borsa Atene: Ase chiude a -1,7% su forti vendite


MILANO (MF-DJ)--L'indice Ase della Borsa di Atene termina le contrattazioni in ribasso dell'1,7% a quota 1593,78 punti. I volumi si attestano a 139,44 mln euro.
Le forti vendite che caratterizzano la seconda parte della seduta spingono il mercato greco in rosso, motivano i trader. "Il mercato non e' riuscito a mantenere la soglia psicologica dei 1620 punti", commenta un analista locale.
In territorio negativo Titan Cement a -6,3%, Coca-Cola Hellenic a -1,8%, National Bank a -2,3% ed Eurobank a -1,2%
 
Efsf, garanzie pubbliche potrebbero dover aumentare - Juncker

venerdì 18 marzo 2011 17:11






FRANCOFORTE, 18 marzo (Reuters) - E' probabile che debbano venire incrementate le garanzie governative a favore del fondo di salvataggio della zona euro Efsf in modo da garantirne il rating di tripla 'A'.
Lo dice il presidente dell'Eurogruppo Jean-Claude Junker.
"Sì" risponde a chi gli chiede se sia possibile un aumento delle garanzie pubbliche, precisando che si sta ancora valutando quale sia l'esatto mix di modifiche da apportare al Fondo.
"Dobbiamo trovare il mix tra... capitale e garanzie e stiamo lavorando per mettere insieme tutti gli elementi in vista degli appuntamenti delle prossime settimane".
Una buona indicazione di come prezzare i finanziamenti arriva secondo il presidente dell'Eurogruppo dai prestiti concessi alla Grecia.
"Ci riuniremo questa settimana per discutere del 'pricing', abbiamo stabilito come procedere nel caso della Grecia e credo sia una buona indicazione per gli altri" osserva.
A parere di Juncker è di "fondamentale importanza" che il Fondo mantenga la valutazione massima di tripla 'A' da parte delle agenzie di rating.


***
In italiano.
 
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