#cyberrobberyGR RT @catboitard: @YanniKouts attack last Tuesday confirmed (BoG source), against 3 greek banks— Yannis Koutsomitis (@YanniKouts) November 30, 2015
Loans and Finance
Monday, November 30, 2015
Greek Bank Hack Confirmed
FBI Assisting In Greek Bank Hack
FBI is assisting #Greece's authorities on countering cyber attack on Greek banks ~source— Yannis Koutsomitis (@YanniKouts) November 30, 2015
Unconfirmed Greek Bank Hack
Crazy story this am in #Greece: Hackers have allegedly attacked two Greek banks, ask ransom in bitcoins. Still unconfirmed though.— Yannis Koutsomitis (@YanniKouts) November 30, 2015
Friday, November 27, 2015
Hilton Data Breach
Hilton hotel chain reports data breach #databreach #hilton https://t.co/shiiH1Gold— ZeroDayLab (@ZeroDayLab) November 27, 2015
Tuesday, November 24, 2015
Anarchists Detonate Bomb in Athens
Monday, November 23, 2015
Greece's Tax Debt
#Greece new unpaid taxes at €832 mln in Oct (from rev €1.6 bln in Sep) & €10.38bln year to date. Outstanding tax debt at €82.29 bln #economy— MacroPolis (@MacroPolis_gr) November 23, 2015
Until Greece brings its taxation system into the first world, it will never resolve its economic problems.
Friday, November 20, 2015
Greek Government Wins Bailout Vote - Barely
However, Syriza's majority shrank to three seats after two dissenting lawmakers were expelled.
The bill, outlining regulation on tax arrears and home foreclosures, paves the way for the disbursement of 2 billion euros to pay state arrears and a further 10 billion euro to recapitalise Greece's top four banks.
This victory will not be the end of the story.
Thursday, November 19, 2015
Greek Bailout Vote Hangs In The Balance
"In theory the Greek parliament will pass the remaining legislative measures on Thursday. This will then pave the way for the cash release by the end of the week.Regarding what could go wrong, here is the answer as per Keep Talking Greece:
What could possibly go wrong?"
"Syriza lawmaker and former government spokesman Gavriil Sakellaridis submitted his resignation on Thursday morning, hours before the Parliament would be called to vote for the bill of prior actions and new austerity measures.Will the Greek government get its 151 votes today?
“Sakellaridis raised objections to the bill,” Greek media report adding that it was Prime Minister Alexis Tsipras who asked the government spokesman of the first Syriza government and ex Mayor candidate for Athens to resign.
Sources from the PM’s office allege that Sakellaridis was not going to attend the voting tonight, after his requests for some modifications on the multi-bill were turned down.
Important to note that Sakellaridis returns his parliamentary seat to SYRIZA with the effect that the ruling party will keep the existing number of seats (145).
In the Parliament, Sakellaridis will be allegedly replaced by a Alternate Minister for Administrative Reform Christoforos Vernadakis who did not manage to enter the Parliament in September elections.
However, media stress that “there is not time for the new MP to take an oath today” so that probably the coalition government will go voting with minus one vote, that is with 144 MPs from SYRIZA and 10 MPs from Independent Greeks in a Parliament of 300 seats.
It is not clear whether there will be more rebels in SYRIZA or ANEL during the day.
The government needs at least 151 votes to pass a bill."
Don't hold your breath!
Wednesday, November 18, 2015
Greece To Receive €12bn, Probably
Athens, seemingly, has successfully passed the 48 "milestones" demanded by the Quadriga, freeing up €12bn.
€2bn will go to the government, and €10bn will be used to try to recapitalise the country's banking system.
In theory the Greek parliament will pass the remaining legislative measures on Thursday. This will then pave the way for the cash release by the end of the week.
What could possibly go wrong?
Tuesday, November 17, 2015
Osborne Comments on -0.1% Inflation
See the Chancellor’s response to today’s @ONS #inflation stats. #CPI pic.twitter.com/AE6OzILbAz— HM Treasury (@hmtreasury) November 17, 2015
UK CPI Remains At -0.1%
UK inflation as measured by the Consumer Prices Index remained at -0.1% in October, figures show https://t.co/1oZRonJoNe— BBC Breaking News (@BBCBreaking) November 17, 2015
Monday, November 16, 2015
Greece Having Problems Implementing Program
#ECB's Mersch: It appears that the Greek government is still finding it hard to implement the agreed programme. /via @LesEchos #Greece— Yannis Koutsomitis (@YanniKouts) November 15, 2015
It is hardly surprising that Greece is having problems implementing the Quadriga's imposed program.
Wise Financial Advice
Don't rely on your friends, or professional footballers, for financial advice: https://t.co/ukLwmN867R via @TimesMoney (£)— Karen Barrett (@unbiased_co_uk) November 16, 2015
Friday, November 13, 2015
£13BN of Northern Rock Mortgages Sold To US
The Government has sold £13bn of the mortgage assets it acquired after rescuing Northern Rock during the financial crisis.
Given how banks repackage debt and sell it on (the cause of the last banking crisis), we should not be surprised to see these debts back on the books of a British bank in the coming years.
Schaeuble Reveals Stubborn Streak - Surely Not?
Schäuble says he's "quite stubborn" in his opposition to #EDIS. In contrast to his usual flexibility? https://t.co/OtSw94VGhY— Jarno Hartikainen (@JarnoHa) November 13, 2015
Thursday, November 12, 2015
Greece Goes On Strike
#Greece: Thousands in front of the Parliament now for the general #strike pic.twitter.com/jz9whwKEtz— Savvas Karmaniolas (@SavvasKarma) November 12, 2015
Syriza Calls For Strike Against Syriza
#Greece: SYRIZA (the party) calls for a strike against SYRIZA (the government). No, seriously. Now beat that!— Stratos Safioleas (@stratosathens) November 12, 2015
Those whom the gods wish to destroy, they first make mad.
Wednesday, November 11, 2015
UK Unemployment Falls
Britain's working age employment rate now stands at 73.7%, Britain now has the highest employment rate and level since records began in 1971.
As with all statistics from the ONS, be aware that they are out of dated and invariably subject to revision.
Monday, November 09, 2015
Greece Fails To Impress Quadriga
Unsurprisingly the wheels are falling off the Greek bailout again, as Greece battles to secure the release of €2bn in bail-out cash.
Despite assurances over the weekend, based on hope rather than reality, by Greece that the tranche of money would be released, it hasn't.
It seems that Greek finance ministry officials have failed to convince Greece's creditors that their plans added up, delaying disbursement for at least another week.
One of the main sticking points centre around laws to ease the process of home repossessions for indebted Greeks. The Quadriga are demanding that Greek residences valued above €120,000 be subject to the country's foreclosure laws, from the current level of €200,000.
However, Syriza has resisted the demand for fear of exposing thousands more people to the threat of losing their property.
Additionally, Greece does not want to impose a 23% tax on private schools and other issues surrounding VAT.
As Pascal Saint-Amans, director of tax policy at the Organisation for Economic Development (OECD), warned there are no “quick fixes” for Greece's endemic tax avoidance problems. He is also very sceptical about Greece's ability to reform its third world tax system.
He is quoted by the Telegraph:
"The challenges in Greece are so big.Thus until Greece fundamentally reforms its tax collection system, it hasn't got a hope in hell's chance of moving forward. That will require a radical change of mindset by the Greek people, something they are probably not prepared to do.
It's about the complete lack of compliance, it's about a very weak tax administration, it's about the fact that paying taxes remains something that people don't want to do because they don't see how the money is spent.
Very often as tax people we lose sight of the fact that tax is just a means to fund a society. The reforms must take both into account”
Friday, November 06, 2015
#ManOnTheMoon - John Lewis Christmas Advert Tops Twitter
Kudos to John Lewis for successfully managing to trend on Twitter today with their Moon On The Moon Christmas advert, which was released (after much media hype and teasing with an earlier hashtag #OnTheMoon) at 8:00AM today in the UK.
The advert is schmaltzy to say the least, but does make a good point that Christmas can be lonely for many people (especially the elderly). John Lewis' message that it is important to let your loved ones know you're thinking of them this festive season.
John Lewis has also partnered with Age UK in the campaign, to raise awareness that many elderly people will be lonely this Christmas.
Thursday, November 05, 2015
The Price of The UK's Green Energy Fetish - Blackouts
For why was Britain on the verge of a blackout?
This situation is not sustainable, there needs to be a radical rethink wrt Britain's green fetish.
Wednesday, November 04, 2015
#VWGate - Fake Emissions Scandal Spreads To Petrol Cars
The firm said the problem could cost about €2bn (£1.4bn).
Brands including VW, Audi, Skoda and Seat could be affected. Whilst the issue mainly affects diesels, it could also include petrol models.
As yet Volkswagen has not said whether or not it believes those irregularities were caused by deliberate action, and it also has not specified which models are affected.
Whilst VW is currently feeling the heat, I would wager good money that other car manufacturers also fiddled their data emissions.
Tuesday, November 03, 2015
#VWGate - Porsche Dragged Into Scandal
Unsurprisingly Porsche has been dragged into #VWGate, after environmental regulators confirmed they had found suspected "defeat devices" on a new engine range.
The US Environmental Protection Agency has told the Volkswagen Group that it is now looking at a 3.0 litre engine which is shared between Porsche, VW and Audi.
In a "Notice of Violation" posted on its website, EPA said it had discovered 2014 to 2016 models have equipment to turn off emissions systems when the are not being tested.
The end of diesel is nigh!
How The Chinese Breach China's Capital Controls
This is a fascinating explainer on how China's rich circumvent capital controls to buy real estate abroad. https://t.co/hYRwjT9MVe— Joseph Weisenthal (@TheStalwart) November 3, 2015
An interesting case study in avoidance techniques!
Monday, November 02, 2015
IMF Insists On Greek Debt Restructuring
The IMF is sticking to its guns that the eurozone must commit to a formal restructuring of Greece’s debt before the IMF will lend anymore money to Greece.
Bloomberg quotes David Lipton, the IMF’s first deputy managing director, as saying that pledges to review Greece’s debt servicing won’t be enough unless they’re accompanied by specific terms for paring back the borrowing burden.
Greece received an 86 billion-euro bailout in August from the eurozone, which now wants the IMF to provide further support.
Greek Prime Minister Alexis Tsipras has requested a new IMF program, which would replace a dormant one that will expire in March.
Germany, and other eurozone nations, wants the IMF to play a financial and technical role in shoring up Greece’s economy and restoring the nation’s access to financial markets. Unfortunately the IMF won't play ball until there is debt restructuring, which is an anathema to the eurozone.
The result will be stalemate, until Greece is on the edge of financial collapse again!