Nicely Done, Gentlemen!

We like to walk past the PM's residence on our way to where the action is,
and then this happened...

very sharp, indeed!

Big News for Greece

As reported in USA Today:

"Greece and its European creditors agreed Friday to a four-month extension on the country's bailout, but the 11th-hour deal only puts off a battle over controversial austerity measures that have weighed on the country's economy.

The deal, hammered out in talks in Brussels, hinges on Greece proposing reform measures by Monday and the country's creditors accepting the plan.

Until then, Greece, beset by 25% unemployment and a shrinking economy, won't receive the next installment of its 240 billion euro ($273 billion) rescue package.

Still, U.S. investors like the news: The Dow Jones industrial average closed up 154.67 at an all-time high of 18,40.44.

Greece's new government swept into office recently on pledges to roll back tax hikes, budget cuts and other reforms that have walloped its fragile economy. But eurozone creditors such as Germany have resisted efforts to ease the overhaul, which Greece agreed to implement as a condition of the bailout.

Under the pact reached Friday, Greece will propose modified reform measures Monday and the European Central Bank, European Commission and International Monetary Fund will say within days whether they provide "a valid starting point" for negotiations. A final agreement is expected to be reached by the end of April, according to a statement of the Council of the European Union.

"It sounds like they're just kicking the can down the road," says Wells Fargo global economist Jay Bryson. Still, he says he thinks the two sides can come to terms on a less onerous package of reforms.

In a note to clients, Barclays Capital wrote that Friday's deal "removes a significant uncertainty from the euro area and global outlook."

But it added that "the acrimony of the negotiations" raises doubts about efforts to further integrate eurozone economies and suggests European elections in coming months could revive battles over economic reforms.

The Council of the European Union, in announcing the deal, said, it appreciates the "remarkable adjustment efforts undertaken by Greece and the Greek people over the last years" for solving the crushing debt problem.

Still, Greece faces a systematic overhaul of its government.

"The authorities commit to implementing long-overdue reforms to tackle corruption and tax evasion, and improving the efficiency of the public sector," the EU statement said of Greek officials.""

Official Statement from the EU:

The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. During the last few weeks, we have, together with the institutions, engaged in an intensive and constructive dialogue with the new Greek authorities and reached common ground today. 

The Eurogroup notes, in the framework of the existing arrangement, the request from the Greek authorities for an extension of the Master Financial Assistance Facility Agreement (MFFA), which is underpinned by a set of commitments. The purpose of the extension is the successful completion of the review on the basis of the conditions in the current arrangement, making best use of the given flexibility which will be considered jointly with the Greek authorities and the institutions. This extension would also bridge the time for discussions on a possible follow-up arrangement between the Eurogroup, the institutions and Greece. 

The Greek authorities will present a first list of reform measures, based on the current arrangement, by the end of Monday February 23. The institutions will provide a first view whether this is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review. This list will be further specified and then agreed with the institutions by the end of April.  

Only approval of the conclusion of the review of the extended arrangement by the institutions in turn will allow for any disbursement of the outstanding tranche of the current EFSF programme and the transfer of the 2014 SMP profits. Both are again subject to approval by the Eurogroup. 

In view of the assessment of the institutions the Eurogroup agrees that the funds, so far available in the HFSF buffer, should be held by the EFSF, free of third party rights for the duration of the MFFA extension. The funds continue to be available for the duration of the MFFA extension and can only be used for bank recapitalisation and resolution costs. They will only be released on request by the ECB/SSM. 

In this light, we welcome the commitment by the Greek authorities to work in close agreement with European and international institutions and partners. Against this background we recall the independence of the European Central Bank. We also agreed that the IMF would continue to play its role. 

The Greek authorities have expressed their strong commitment to a broader and deeper structural reform process aimed at durably improving growth and employment prospects, ensuring stability and resilience of the financial sector and enhancing social fairness. The authorities commit to implementing long overdue reforms to tackle corruption and tax evasion, and improving the efficiency of the public sector. In this context, the Greek authorities undertake to make best use of the continued provision of technical assistance. 

The Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and timely. 

The Greek authorities have also committed to ensure the appropriate primary fiscal surpluses or financing proceeds required to guarantee debt sustainability in line with the November 2012 Eurogroup statement. The institutions will, for the 2015 primary surplus target, take the economic circumstances in 2015 into account. 

In light of these commitments, we welcome that in a number of areas the Greek policy priorities can contribute to a strengthening and better implementation of the current arrangement. The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions. 

On the basis of the request, the commitments by the Greek authorities, the advice of the institutions, and today's agreement, we will launch the national procedures with a view to reaching a final decision on the extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months by the EFSF Board of Directors. We also invite the institutions and the Greek authorities to resume immediately the work that would allow the successful conclusion of the review.

We remain committed to provide adequate support to Greece until it has regained full market access as long as it honours its commitments within the agreed framework.

Demonstration @ Syntagma Square

Chuck took a couple of shots of the pro-government demonstration that was taking place this evening in Syntagma Square.

there was an amazing amount of people who both turned out for the demonstration and that were looky-loos, like us

Interestingly, during these demonstrations, a multitude of hot-dog/souvlaki vendors set up for business. There must have been at least 15 of them throughout the square ready to serve the hungry demonstrators.

I stopped to ask one of the vendors about the festivities, and he shoo'd us behind his hot-dog cart and grabbed my camera for pics...he didn't speak much  English, but he was more than friendly! Apparently, this is common practice during political rallies and demonstrations.

Our first demonstration! haha! Actually, after these pics, we made our way home...
we are kinda party-poopers!

Changing of the Guard

at the Plaza in front of the Parliament Building and the tomb of the unknown soldier

The Changing of the Guard at the Parliament Building at Syntagma Square in Athens is a fun bit of pageantry worth watching if you find yourself in the area at 11am each morning. The "big" show is on Sundays at 11, when more guards participate and the ceremony is more complex. While not as dramatic as that "other" Changing of the Guard in London, England, it's fun to watch the synchronized movements of the costumed guards. They are carefully selected for the honor of participating, and most of them are very tall, averaging over 6'3". The uniforms of the evzones recall different areas and eras in Greek history, with the pleated kilt or fustanella and pom-pom decorated footwear catching the most attention. The kilt may stretch back four thousand years into ancient Minoan times, when the kilt was the common clothing item of Cretan men, usually enhanced with a large dagger stuck into the waistband. ~source

Historic Change of Leadership

In front of the government buildings in Athens, the guard disregards the the change of leadership and the crowd that had gathered to witness and record the event...

we stumbled  upon this scene while out walking today

police, media coverage, and onlookers 

we skirted the crowd by going around the block

 

apparently, a lot of them came by motorbike!

Historic Election Results

Tsipras declares end to 'vicious cycle of austerity' after Syriza wins Greek election

Results of the historic vote that took place Sunday- Election Results

Εύζωνες

The Evzones, or Evzoni (Greek: Εύζωνες, Εύζωνοι), is the name of several historical elite light infantry and mountain units of the Greek Army. Today, it refers to the members of the Presidential Guard (Greek: Προεδρική Φρουρά), an elite ceremonial unit that guards the Greek Tomb of the Unknown Soldier (Greek: Μνημείο του Άγνωστου Στρατιώτη), the Presidential Mansion (Greek: Προεδρικό Μέγαρο) and the gate of Evzones camp in Athens.

The Evzones are also known, colloquially, as Tsoliades (Greek: Τσολιάδες; singular: Τσολιάς - Tsolias). Though the Presidential Guard is a predominantly ceremonial unit, all Evzones are volunteers drawn from the Hellenic Army's Infantry, Artillery and Armoured Corps. Prospective Evzones are usually identified at the Army Recruit Training Centres during Basic Training; there is a minimum height requirement of 1.86 m (6' 1.2") to join.

 The unit is famous around the world for its unique traditional uniform, which has evolved from the clothes worn by the klephts[1] who fought the Ottoman occupation of Greece. The most visible item of this uniform is the fustanella, a kilt-like garment. Their proven valour and peculiar dress turned them into a popular image for the Greek soldier, ~wiki

Taverna, Religion, and Politics

this is the lovely taverna we went to -
the food was most excellent!

CYA treated us to a Taverna Dinner - a taverna is a restaurant frequented by locals who eat their evening meal rather late (like 9pm or later). Thankfully, that leaves us Americans our dinner hour with no wait. That is a good thing, because if you had to be on a waiting list at a Greek restaurant, it could be for hours. Greeks enjoy their evening meal for several hours enjoying the food, wine, and company of their companions. 

At our dinner we enjoyed all kinds of Greek food: spinach spanakopita, fava bean paste with the biggest capers I have ever seen, meatballs with tomato relish, spinach green salad with feta, a yummy eggplant and tomato dish, french fries with tzatziki, tryopita, and of course, souvlaki. Oh, and did I mention french fries? Yeah - I was surprised, too! We enjoyed the food with some wonderful local red wine and then we were treated to the Greek 'digestive' spirit after dinner called raki (which definitely smelled like nail polish remover!). It was very strong and we were told that it is often drank with honey (of which Greece is famous for) as a medicinal for colds or sinus discomfort. They said that you drink that and sleep it off - when you awake, you feel great! I can definitely see why - that stuff would kill anything that ails you!

To your health!

our group at the taverna dinner - so much food!

In Greece, there is no minimum drinking age - everyone drinks wine with their meals from a young age. Drinking to excess is strongly discouraged, and those who over-imbibe are not received well. Greeks don't drink to get drunk...they drink with their meals and to enjoy company and conversation. This is how it should be, I think!

Another difference from American culture is that of tipping service staff at restaurants and other service businesses. Tipping is just not done as a general rule (unless the service was above exceptional and then only minimal) - the reason is that the staff are all paid a decent, working wage and don't depend upon tips for their living. Therefore, while they won't turn down a tip, it is not expected. They actually kinda laugh at us Americans who want to tip...we are so well trained, aren't we?

here is one of the impressive churches near our school campus - one of our faculty
mentioned that it is difficult for those who live close on Sunday mornings
due to the ringing of the bells for service (early!)

close neighbors

Currently, a historic vote is coming up to determine the political direction of Greece
in the immediate future - to remain in the EU or go in a more liberal direction.
There is much talk of politics, posters like this one can be
found frequently, and everyone is holding their breath to see what happens.
The economic crisis is influencing the changes and the choice is difficult.
Greeks will be voting on a Sunday to ensure everyone can make it to the polls.