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Pedro Gonçalves

Top Trends of 2012: The Continuing Rapid Growth of Mobile - 0 views

  • According to StatCounter global statistics, mobile traffic jumped from about 4% of all Web traffic at the end of 2010 to over 10.5% now.
  • According to its public statistics, Facebook had "more than 500 million mobile monthly active users as of April 20, 2012." It also claimed "488 million monthly active users who used Facebook mobile products in March 2012."
  • Facebook's overall monthly active users is 901 million, so that's 55% of Facebook's monthly active user base who access the social network on a mobile device.
Argos Media

BBC NEWS | Business | Weak exports hit China's growth - 0 views

  • Annual growth in China's gross domestic product (GDP) slowed in the first quarter of 2009 to 6.1%, the National Bureau of Statistics has announced. This is the weakest growth since quarterly records began in 1992, but some analysts see signs of a recovery.
  • Growth was 6.8% in the last quarter of 2008, but the first quarter GDP figure dropped as exports fell 17% in March. China's government has said it is determined to achieve annual growth of 8%, and to expand its domestic demand.
  • There has been a recognition among Chinese state officials that too sharp an economic slowdown could lead to growing unemployment and may fuel social unrest.
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  • Announcing the GDP figure, the National Bureau of Statistics (NBS) said that export demand had dropped sharply, cutting into company profits, reducing government revenues and raising unemployment.
  • China experienced double-digit growth from 2003 to 2007, and recorded 9% growth in 2008. Analysts said the first-quarter drop in growth was in line with expectations.
  • But other data offered by the government suggested a tentative recovery may already be under way. "Government figures suggest China's economic performance will continue to improve during the remaining months of this year," said the BBC's Michael Bristow in Beijing.
  • Industrial output expanded 5.1% in the first quarter. It was up 8.3% year-on-year in March, against 3.8% in January and February. Fixed asset investment on items such as new factories and equipment was up 28.6% in March from 26.5% in February. Spending on property development grew by 4.1% in the first quarter, and retail sales remained strong with a 14.7% growth during March.
  • "Most of the indicators are better than earlier market expectations, although the annual GDP growth in the first quarter is a historical low," said Xing Zhqiang, analyst at China International Capital Corporation in Beijing.
  • "We expect that the most difficult time for China's economy has passed, as the surge in investment has partly offset the negative impact from declining exports."
  • China has started to implement a 4 trillion yuan ($585bn, £390bn) stimulus package to counter the impact of the global slowdown, and this package has been seen as helping to spur lending in the first three months of the year.
  • "The overall national economy showed positive changes, with better performance than expected," the NBS said. It said that urban per-capita incomes were up 11.2% from a year earlier in real terms and that rural per-capita incomes were up 8.6%. The consumer price index (CPI), China's main gauge of inflation, fell 0.6% in the first quarter of 2009 from a year earlier, according to the bureau.
Pedro Gonçalves

Swedish riots spark surprise and anger | World news | The Observer - 0 views

  • "These people, they should integrate in this society and just try a little bit more to be like Swedish citizens."Scratch beneath the surface and this is a sentiment shared by many in a country that arguably has the world's most generous asylum policies. Sweden has taken in more than 11,000 refugees from Syria since 2012, more per head than any other European country, and it has absorbed more than 100,000 Iraqis and 40,000 Somalis over the past two decades. About 1.8 million of its 9.5 million people are first- or second-generation immigrants.
  • So it has come as a shock for many Swedes to discover the scale of resentment. It's not hard to find it. Aleks, whose parents came from Kosovo, says: "I hate the police. I hate the cops. I think setting fire to cars in the neighbourhood should stop, but I don't think throwing rocks at the cops should stop."
  • The trigger for the riots – police shooting dead a 69-year-old Portuguese man called Lenine Relvas-Martins
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  • Martins had been brandishing a knife on his balcony, angry after a confrontation with local youths. Police then broke into his house and shot him in front of his Finnish wife. They say she was at risk. She denies it.The police then inflamed the situation last Sunday, reportedly calling young people causing a disturbance "monkeys" and "negroes".
  • there's no doubt Husby has better facilities than deprived areas in Britain. But it is also more segregated. About 85% of people here have their origins outside Sweden.
  • "The politicians are thinking the wrong way. They want to help people, but you never help people when you put 30,000 to 50,000 in one place," complains the man painting at the library.
  • "For a lot of people who live in segregated areas, the only Swedes they meet are social workers or police officers. It's amazing how many have never had a Swedish friend."
  • A third of the 2,500 white, ethnic Swedes who lived in Husby 10 years ago have left.
  • Inequality has also grown faster in Sweden over the past decade than in any other developed country, according to thinktank the OECD, which puts the blame partly on tax cuts paid for by reductions in welfare spending.
  • According to official statistics, more than 10% of those aged 25 to 55 in Husby are unemployed, compared with 3.5% in Stockholm as a whole. Those that do have jobs earn 40% less than the city average.
  • Esmail Jamshidi, a 23-year-old medical student born and educated in Husby, says young people don't lack opportunities."It's a very recent development, this ghetto mentality," he says. "Immigrants come here, and most leave after a decade or two. A very small percentage of them don't, and this last group are left
  • The older generation of immigrants seems as puzzled by the anger as Swedes. Ali, the owner of Café Unic, a Persian cafe in Husby's main square, says he tried living in America but came back. "I love this country. I mean it," he says. "I'm telling my kids every day to remember that you are born here, in Sweden. I love this country because of the way they built it: because of my taxes, and other people's taxes, everyone has a nice place to live. It's a very, very nice and good idea."
Pedro Gonçalves

Dutch politics fragmented as elections loom | Reuters - 0 views

  • The poll also showed that a majority of those surveyed favour smaller budget cuts than those stipulated by the European Union, a further sign that the notoriously frugal Dutch are suffering from "bailout fatigue" and resent the high cost of rescuing profligate peripheral euro zone countries."Voters from different parties share the same view - disgust or disappointment over the political action and the political parties," De Hond said in a statement, adding that two thirds of those polled agreed with the statement "I'm tired of all the party politics".
  • Annual budget cuts of 14 to 16 billion euros are needed for the Netherlands to meet European Commission targets. Without them, its public deficit is forecast to hit 4.6 percent of GDP in 2013, well above the 3 percent agreed with the Commission.
  • If the Netherlands does not cut spending and breaks EU budget rules, it is likely to lose its coveted triple-A credit rating, leading to higher borrowing costs.The level of state debt rose to 65.2 percent of GDP at the end of 2011 from 62.9 percent in 2010, Statistics Netherlands said last month.
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  • The catalyst for the crisis was Geert Wilders, whose anti-euro, anti-Islam Freedom Party had pledged to support the minority government in parliament and give it the majority to pass legislation.But after seven weeks of talks, Wilders suddenly backed out just when a deal appeared close.Wilders' supporters are against budget cuts, particularly cuts in welfare, health and unemployment benefits, and there was talk, which he denied, that the Freedom Party was split over the proposed cuts."We don't want to make our pensioners bleed for the sake of diktats from Brussels," Wilders told reporters on Saturday.
  • "This was a package that would damage our economy over coming years and increase unemployment. And all that to meet a demand made by Brussels, accepted by the Liberals, of reaching a 3 per cent deficit in 2013."
Pedro Gonçalves

Analysis - In death, Kim gives China a dose of dread | Reuters - 0 views

  • Over the past 18 months, Kim, who in the past rarely travelled abroad, visited China four times and in August made his first trip to Russia in nearly a decade.
  • Kim's visits were mainly aimed at winning economic support, and raised speculation he may finally be opening one of the world's most closed economies.
  • For China, its much smaller and poorer neighbor is both a buffer and a burden.China sees North Korea as a strategic barrier against the United States and its regional allies. But that barrier comes with an economic and diplomatic price.
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  • As the North's ties with South Korea and much of the outside world have soured, Kim has leaned more on ally Beijing for support, which has cost China both in economic aid and in strains with South Korea and other nations alarmed by North Korea's nuclear weapons development and military brinkmanship.China has sought to draw North Korea closer with incentives, and bilateral trade hit $3.1 billion in the first seven months of 2011, an 87 percent increase from the same period last year, according to Chinese customs statistics. Growth was propelled by a 169.2 percent jump in the value of Chinese imports.
Argos Media

Plunging Exports: Economy Worst Since World War II Says Merkel - SPIEGEL ONLINE - News ... - 0 views

  • Angela Merkel said on Wednesday that the economy is worse than at any time since the end of World War II. Nobel Prize winning economist Paul Krugman says the chancellor herself is partially to blame.
  • On Tuesday, the Federal Statistical Office announced that German exports, the motor behind the country's traditionally strong economy, have shrunk rapidly. Numbers for January show that, compared with the same month a year ago, exports are down by 20.7 percent. The drop is the steepest seen in 16 years.
  • In an interview with the newsmagazine Stern to be published on Thursday, Nobel Prize winning economist Paul Krugman takes Germany, and Europe, to task for not doing enough. Europe, he said, is stumbling. "I don't see any signs of unified activity, especially when it comes to financial policy," he said in the interview, which was only available in German. He was even more critical when it came to Germany's role in crisis management thus far: "Germany has so far been a huge stumbling block, a major hindrance." He pinned the blame on Finance Minister Peer Steinbrück, who he said is much too orthodox in his approach to economic stimulus. When it comes to Merkel, Krugman said her response has not spoken well for her intellect.
Pedro Gonçalves

France24 - Voters say 'no' to repaying Dutch and UK Icesave losses - 0 views

  • Iceland's socialist government was surveying the damage Sunday after a referendum rejected a deal to pay Britain and the Netherlands billions for losses in the collapse of the Icesave bank.    As expected, Icelanders overwhelmingly voted down the deal in Saturday's referendum, with some 93.6 percent of voters lined up on the "no" side after more than 50 percent of the votes had been counted.    Only 1.5 percent of voters had so far voted "yes" to the Icesave deal, said RUV public broadcaster which compiles all electoral statistics.
  • Icelanders were asked to vote on whether the country should honour an agreement to repay Britain and the Netherlands 3.9 billion euros (5.3 billion dollars) by 2024.    This would be to compensate them for money they paid to 340,000 of their citizens hit by the collapse of Icesave in 2008.    Some observers had warned that a "no" vote might result in the International Monetary Fund blocking the remaining half of a 2.1-billion dollar rescue package.    It could also hit European Union and euro currency membership talks, Iceland's credit rating and destabilise the leftwing government, which negotiated the agreement in the first place, they argued.
  • Grimsson said that while Icelanders were not against compensating Britain and the Netherlands, many considered that the repayment conditions, and especially the high 5.5-percent interest rate agreed upon, were exorbitant.    "The people of Iceland, farmers, fishermen, teachers, nurses, are by and large willing to repay to Britain and the Netherlands what is equal to over 20,000 euros per depositor," Grimsson said.    "But they are not ready to pay a very high interest rate so that the British and Dutch governments would make a huge profit off this whole exercise."
Pedro Gonçalves

Israelis must integrate to survive | Aluf Benn | Comment is free | guardian.co.uk - 0 views

  • If you're interested in Israel's future, all you need to know is one statistic: among Israeli kids in their first year at primary school, about half are Arabs or ultra-Orthodox Jews. And their portion is expanding. Looking forward, a very different Israeli society is emerging, with its Jewish secular core shrinking
  • Israeli Arabs and ultra-Orthodox Jews are exempt from military service, and are under-represented in the workforce. As their relative weight in society keeps growing, Israel risks security and economic implosion, since fewer and fewer soldiers and employees will protect and provide for an expanding population of welfare recipients. The Jewish state's long-term survival depends on reversing the trend of non-participation among its Arab and ultra-Orthodox citizens.
  • special treatment comes with a price. At the personal level, freedom from military service extends your youth, but also bars opportunity. In Israel, the military serves as the basis of networking. Our Oxford and Cambridge are the elite army and air force units. (Prime Minister Binyamin Netanyahu and his key political ally, defence minister Ehud Barak, served together in the special forces.) An Arab or ultra-Orthodox seeking a job, even with an academic degree, stays out of the club and often faces prejudice and discrimination in the workplace.
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  • Anti-Orthodox activists seek to curb their adversaries' birthrate through cutting child support incentives. It works: a recent Bank of Israel study found that expanding child-support incentives in the 1990s influenced a higher birthrate among Arab and ultra-Orthodox families. Subsequent cuts when Netanyahu was finance minister have reduced it
  • Coercing the Arabs and ultra-Orthodox into military service and employment is not going to work. It will only increase social tension.
  • Israel can't wait until these humble beginnings develop into a wider social revolution. Saving the country from implosion demands a sea change in perceptions and elimination of inter-"tribal" hatred and prejudice
Pedro Gonçalves

Q&A with Iranian Opposition Politician Ebrahim Yazdi Asharq Alawsat Newspaper (English) - 0 views

  • the accusations and the insults that Ahmadinejad directed at some of the most senior politicians such as Hashemi Rafsanjani, Mohammed Khatami and even Natiq Nouri – who is one of the most senior advisers to the Supreme Leader whose children Ahmadinejad accused of accumulating wealth illicitly – not only deepens divisions between different branches of the government but also brought these divisions into public view for the first time and in an unprecedented manner.
  • In the letter, Rafsanjani requested that Khamanei break his silence but what happened on Saturday morning, a few hours after the elections, and even before the final results were announced, was that Khamanei rushed to congratulate Ahmadinejad and endorsed the results. That was not normal at all because usually after elections the Council of Guardians and the Ministry of Interior await complaints that may be raised by parties taking part in the elections, expecting there to have been irregularities. Presidential candidates have the right to raise complaints before the results are verified but the Supreme Leader did not wait for this process to take place and he quickly congratulated Ahmadinejad who in turn called on his supporters to celebrate in Vali Asr in Tehran and Iranian state television began to broadcast messages of congratulations from various leaders and presidents to Ahmadinejad on his reelection.
  • if the results weren’t final and the candidates could raise their complaints how could the Supreme Leader declare his support for the results? The Supreme Leader’s behavior caused a lot of serious questions to be raised by the grand Ayatollahs in Iran and members of the Assembly of Experts headed by Rafsanjani, which has the right to dismiss the Supreme Leader according to the Constitution. It raised many questions about the Supreme Leader’s validity.
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  • In Qom, Grand Ayatollah Saanei issued a fatwa prohibiting working with the Ahmadinejad government based on the consideration that it is an illegitimate government. He considers this “religiously prohibited.” Therefore, amongst grand Ayatollahs and members of the Assembly of Experts questions are being raised about the “validity of the Supreme Leader.” So the Assembly of Experts’ priority now is to be sure about the Supreme Leader and if they find that he is not valid then it has the right to dismiss him from his position. That is what the constitution says.
  • these elections have not only deepened divisions between the nation, the government and the authorities; they have also deepened divisions between effective elements of the ruling elite in Iran. Hashemi Rafsanjani, the head of the Assembly of Experts and of the Expediency Discernment Council, who has significant political weight, was president for two terms so he has influence within the elite. [Mohammad] Khatami was president for eight years. [Mehdi] Karroubi was Parliament Speaker. All of these people are standing against Khamanei and Ahmadinejad. What I will say is that the divisions within the ruling elite in Iran are not only deepening; they are taking place openly for everyone to witness.
  • My fear is that if there is no wise and rational response to the crisis the leadership of the reformist movement, and even Mir Hossein Moussavi himself, will not be able to control the protestors.
  • here are statistics that show that Moussavi won the elections and that Karoubbi came second and Ahmadinejad third. This means that there must be some kind of settlement behind the scenes between governing parties in Iran to take the elections to a second round between Ahmadinejad and Moussavi. This is the only way they could save face.
  • If the Council of Experts is saying ‘raise your complaints’ then this means that the Supreme Leader was wrong to congratulate Ahmadinejad so quickly
  • I believe that the one way to solve this situation is by accepting a compromise to hold a second round of elections between Ahmadinejad and Moussavi. In this round, nobody would dare interfere with the voting and there will be more supervision over the voting process and Moussavi will win.
  • Q) But he has the support of the Revolutionary Guards, which in turn support Ahmadinejad. Isn’t that a source of power for him?A) If we look back on the history of the Middle East, including my country Iran, there have been instances when the military itself has killed its own king.
Argos Media

Computer Spies Breach Fighter-Jet Project - WSJ.com - 0 views

  • Computer spies have broken into the Pentagon's $300 billion Joint Strike Fighter project -- the Defense Department's costliest weapons program ever -- according to current and former government officials familiar with the attacks.
  • Similar incidents have also breached the Air Force's air-traffic-control system in recent months, these people say. In the case of the fighter-jet program, the intruders were able to copy and siphon off several terabytes of data related to design and electronics systems, officials say, potentially making it easier to defend against the craft.
  • The latest intrusions provide new evidence that a battle is heating up between the U.S. and potential adversaries over the data networks that tie the world together. The revelations follow a recent Wall Street Journal report that computers used to control the U.S. electrical-distribution system, as well as other infrastructure, have also been infiltrated by spies abroad.
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  • Attacks like these -- or U.S. awareness of them -- appear to have escalated in the past six months, said one former official briefed on the matter.
  • while the spies were able to download sizable amounts of data related to the jet-fighter, they weren't able to access the most sensitive material, which is stored on computers not connected to the Internet.
  • Former U.S. officials say the attacks appear to have originated in China. However it can be extremely difficult to determine the true origin because it is easy to mask identities online.
  • A Pentagon report issued last month said that the Chinese military has made "steady progress" in developing online-warfare techniques. China hopes its computer skills can help it compensate for an underdeveloped military, the report said.
  • The Chinese Embassy said in a statement that China "opposes and forbids all forms of cyber crimes." It called the Pentagon's report "a product of the Cold War mentality" and said the allegations of cyber espionage are "intentionally fabricated to fan up China threat sensations."
  • The U.S. has no single government or military office responsible for cyber security. The Obama administration is likely to soon propose creating a senior White House computer-security post to coordinate policy and a new military command that would take the lead in protecting key computer networks from intrusions, according to senior officials.
  • The Bush administration planned to spend about $17 billion over several years on a new online-security initiative and the Obama administration has indicated it could expand on that.
  • The Joint Strike Fighter, also known as the F-35 Lightning II, is the costliest and most technically challenging weapons program the Pentagon has ever attempted. The plane, led by Lockheed Martin Corp.
  • Six current and former officials familiar with the matter confirmed that the fighter program had been repeatedly broken into. The Air Force has launched an investigation.
  • Foreign allies are helping develop the aircraft, which opens up other avenues of attack for spies online. At least one breach appears to have occurred in Turkey and another country that is a U.S. ally, according to people familiar with the matter.
  • Joint Strike Fighter test aircraft are already flying, and money to build the jet is included in the Pentagon's budget for this year and next.
  • Computer systems involved with the program appear to have been infiltrated at least as far back as 2007, according to people familiar with the matter. Evidence of penetrations continued to be discovered at least into 2008. The intruders appear to have been interested in data about the design of the plane, its performance statistics and its electronic systems, former officials said.
  • The intruders compromised the system responsible for diagnosing a plane's maintenance problems during flight, according to officials familiar with the matter. However, the plane's most vital systems -- such as flight controls and sensors -- are physically isolated from the publicly accessible Internet, they said.
  • The intruders entered through vulnerabilities in the networks of two or three contractors helping to build the high-tech fighter jet, according to people who have been briefed on the matter. Lockheed Martin is the lead contractor on the program, and Northrop Grumman Corp. and BAE Systems PLC also play major roles in its development.
  • The spies inserted technology that encrypts the data as it's being stolen; as a result, investigators can't tell exactly what data has been taken. A former Pentagon official said the military carried out a thorough cleanup.
  • Investigators traced the penetrations back with a "high level of certainty" to known Chinese Internet protocol, or IP, addresses and digital fingerprints that had been used for attacks in the past, said a person briefed on the matter.
  • As for the intrusion into the Air Force's air-traffic control systems, three current and former officials familiar with the incident said it occurred in recent months. It alarmed U.S. national security officials, particularly at the National Security Agency, because the access the spies gained could have allowed them to interfere with the system, said one former official. The danger is that intruders might find weaknesses that could be exploited to confuse or damage U.S. military craft.
  • In his speech in Austin, Mr. Brenner, the U.S. counterintelligence chief, issued a veiled warning about threats to air traffic in the context of Chinese infiltration of U.S. networks. He spoke of his concerns about the vulnerability of U.S. air traffic control systems to cyber infiltration, adding "our networks are being mapped." He went on to warn of a potential situation where "a fighter pilot can't trust his radar."
Argos Media

As Jobs Die, Europe's Migrants Head Home - NYTimes.com - 0 views

  • Mr. Mituletu, who is planning to return to Romania next month, is one of millions of immigrants from Eastern Europe, Latin America and Africa who have flocked to fast-growing places like Spain, Ireland and Britain in the past decade, drawn by low unemployment and liberal immigration policies.
  • But in a marked sign of how quickly the economies of Western Europe have deteriorated, workers like Mr. Mituletu are now heading home, hoping to find better job prospects, or at least lower costs of living, in their native lands.
  • While unemployment is also rising in the Czech Republic, “it is much easier to be at home with family and with friends and not to have a job,” she said, “than to be here and not to have a job.”
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  • In Spain, where the growth has been the most explosive, the foreign population rose to 5.2 million last year out of a total of 45 million people from 750,000 in 1999, according to the National Statistics Institute. Ireland’s population, now 4.1 million, was also transformed, with the percentage of foreign-born residents rising to 11 percent in 2006 from 7 percent in 2002.
  • Alcalá, a Madrid bedroom community and the birthplace of Miguel de Cervantes, is home to so many Romanian immigrants — 20,000 by some estimates — that Romania’s president, Traian Basescu, campaigned here for parliamentary elections last fall.
  • But signs of the reverse migration of Romanians are already evident. “Slowly, slowly, they’re disappearing,” said Gheorghe Gainar, the president of a Romanian cultural association in Alcalá. “When you look for them, you don’t find them. Sometimes you ask a relative, and they say they’ve gone back.”
  • The reverse exodus from more prosperous countries in Western Europe is likely to add to the economic pressures already buffeting Central and Eastern Europe, where migrants from developing countries are in turn being encouraged to leave. The Czech government announced in February that it would pay 500 euros, or about $660, and provide one-way plane tickets to each foreigner who has lost his job and wants to go home. And in Bucharest, Romania’s capital, workers from China have been camped out in freezing weather in front of the Chinese Embassy for two months, essentially stranded after their construction jobs disappeared.
  • Like the Czech Republic, Spain is offering financial incentives to leave. A new program aimed at legal immigrants from South America allows them to take their unemployment payments in a lump sum if they agree to leave and not return for at least three years. The Spanish government says only around 3,000 people have taken advantage of the plan, but many others are leaving of their own accord.
  • Airlines in Spain are offering deals on one-way tickets to Latin America, and they say demand has increased significantly. Every day, Barajas airport in Madrid is the setting for emotional departures, as families send their jobless loved ones back home.
Argos Media

Suffocated by Debt: Greece Teeters on the Verge of Bankruptcy - SPIEGEL ONLINE - News -... - 0 views

  • Over the past few weeks, workers and public employees have been calling strikes across the country. Last Thursday, tens of thousands of people took to the streets in Greece's major cities, paralyzing public life. Trains, buses, and ferries stopped running. Hospitals offered only emergency services. Public schools were closed.
  • Crisis? The situation in Greece is not all that bad, insists Panos Livadas, the government's secretary general of information. The shops and cafés are full of customers, he points out. The Greek economy is "really indestructible. I don't understand these international situation assessments."
  • He explains that in 2008 his country's economy expanded by 3.2 percent, "one of the highest growth rates in the euro zone." Over the past four years, he says, economic growth in Greece has been twice as high as the overall average in the currency union countries.
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  • He characterizes Greece's banking sector as being "basically sound" and "in considerably better condition" than those in other EU countries and in the United States. He notes that Greece was the first EU country to provide a government guarantee for personal savings up to a total of €100,000.
  • now the European Commission has instigated disciplinary proceedings, because Athens has exceeded the euro zone budget deficit limit of 3 percent for the third time in a row. The results of audits carried out by Brussels look very different from the information in Livadas's glossy brochures. In EU statistics, Greek government debt is listed as amounting to 94 percent of the country's gross domestic product. Italy is the only other euro zone country which has a higher level of government debt. Greece also has the lowest credit rating of all the euro zone countries. It has to finance its government debt under terms which are worse than for any other euro zone country, with the exception of Malta.
  • Educated young people from the middle class have little prospect of finding employment, despite being well qualified, and are forced to take casual jobs to make ends meet. As a result, many young Greeks are forced to live with their parents until they are well past the age of 30. The anger of the "€700 generation" -- as the young people are known -- over their situation exploded last December in weeks of rioting throughout the country.
  • Georgios Provopoulos, the governor of the Bank of Greece, the nation's central bank, warned his countrymen against "self-satisfaction" and spoke of a looming danger of national bankruptcy. And Greece has still to feel the full effects of the global recession.
  • "The negative factors you see here are all leftovers from the past," says one EU diplomat, adding that most of them are homegrown. Economic experts are anxiously waiting to see what's going to happen this summer. They fear there could be a decline in the tourism sector, one of the most important pillars of growth in the Greek economy, accounting for 17 percent of gross domestic product. The volume of tourist bookings from the United States is reported to have dropped by up to 50 percent. The number of British vacationers, some 3 million annually in the past, alongside 2.3 million Germans, is expected to shrink by up to 30 percent.
  • The situation of banks that invested in Eastern Europe and in the Balkans is uncertain. Greek financial institutions invested billions of euros in bank takeovers or in setting up their own branches in Romania, Bulgaria, and Serbia. Given that the value of the national currencies in some of those countries has fallen dramatically, what were originally seen as attractive investments in developing economies could well turn out to be huge losses.
  • That's what the crisis looks like in Greece. "Nobody wants to see it, but everybody is afraid of it," says Kalliope Amyg, a young political scientist. "The country is dancing on a volcano."
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