Papandreou May Reshuffle Cabinet But Won't Rock Boat

Dina Kyriakidou

George Papandreou is set to announce a limited cabinet reshuffle within a week, most probably Sunday, Dow Jones Newswires reports citing a senior person familiar with the matter. Regional elections are scheduled for November 7th and some cabinet members may run for offices, the news agency says.

Greece Debt Default Seen as ‘Unlikely’

Robin Harding - Financial Times

WASHINGTON - Debt default by an advanced economy such as Greece is “unnecessary, undesirable and unlikely”, according to a report released on Wednesday by the International Monetary Fund. That contradicts the market consensus that Greece will eventually restructure its debts. “Markets are overestimating the risk of default,” said Paulo Mauro, one of the authors of the IMF paper.

West Nile Virus Kills 13 in Greece: Health Officials

(CNN) -- West Nile Virus has killed 13 people in northern Greece and sickened another 143, the Hellenic Centre for Disease Control and Prevention reported Thursday. As of Wednesday, the health agency said, 32 people remained hospitalized, eight of them in intensive care. West Nile Virus is usually transmitted by infected mosquitoes or blood transfusions.

Turkish Jets Continue Incursions Into the Aegean

TNH staff

Turkish military jets once again encroached into Greece's FIR (Flight Information Region) this week and were met by Greek jets who intercepted them three times over the Aegean Sea.

Italian Tourist Killed by Falling Rocks on Mykonos

The Associated Press

Greek police say an Italian tourist has been crushed to death by a falling rock while taking pictures on the resort island of Mykonos.

Cup of Coffee a Day Keeps the Doctor Away

Just a cup of coffee a day could keep your arteries healthy, supple and ward off heart disease, says a new study.

Tsimpedes Appeals to Rihanna and Timberlake to Nix North Cyprus Gigs

Michael Anderle - Cyprus Mail

Greek American lawyer has written to the agents of celebrity singers Rihanna and Justin Timberlake, warning them that Turkish Cypriots were attempting to stage concerts in the north to conceal their “dark history”. In a letter to William Morris Agency dated August 26, Athan Tsimpedes, a Washington-based lawyer representing the Cyprus Movement for Refugees and Displaced Mothers, called on the agency to encourage its two clients, Robyn ‘Rihanna’ Fenty and Timberlake, to withdraw alleged plans to play concerts in the north.

Giannoulias Says Kirk Supports Failed Bush Policies

Todd Lightly and John Chase - Chicago Tribune

U.S. Senate candidate Alexi Giannoulias sought to tie his Republican opponent, Mark Kirk, to the nation's current economic troubles as he fine-tunes his attack for the stretch run to the November election. U.S. Senate candidate Alexi Giannoulias on Tuesday linked Republican opponent Mark Kirk to the struggling national economy as he fine-tunes his attack for the stretch run to the November election.

Tertiary reforms to be unveiled

E- Kathimerini

ATHENS, Greece - A draft law aimed at overhauling tertiary education will be presented toward the end of September, indicating the start of a three-month period when teachers and professors will be able to put forward ideas about the changes they want to see in the sector, Education Minister Anna Diamantopoulou said yesterday. During a meeting w

Greece Beats Ivory Coast at Basketball Worlds (Video)

Selcan Hacaoglu - The Associated Press

Greece's Nikos Zisis, left, scores as Ivory Coast's Mamadou Lamizana tries to stop the ball during a World Basketball Championship preliminary round match in Ankara, Wednesday, Sept. 1, 2010. Greece won 97-60.

Greek Smoking Ban Goes Into Effect

AFP

A new law has come into force in Greece banning smoking in enclosed public spaces and tobacco advertising. It is the second such attempt to curb tobacco addiction in Europe's biggest-smoking nation in just over a year.

FinMin: Greece at Most Difficult Point of Reforms

The Associated Press

Greece's finance minister predicts international markets will wait until the end of the year to see whether the bailed-out country is meeting its financial targets, before passing judgement on its efforts to overhaul the economy. George Papaconstantinou told the Associated Press Monday that markets were currently overpricing Greek risk.

German FinMin- Greece Deserves Respect for Efforts

German Finance Minister Wolfgang Schaeuble smiles before a news conference in Berlin, Germany, Wednesday, Sept.1, 2010. Schaeuble credited the Greek government for its efforts to cut its budget, while the German government is also pushing through a savings package aimed at slashing up to 82 billion euros (104 billion dollars) in state spending over the next four years.

U.S. Tells Turkey Military Exercise Off If Israel Not In

AFP

The US will not participate in the annual joint air force exercise with Turkey in October if Israel is not invited as well, reported Turkish newspaper Hurriyet on Wednesday.

European Parliament Decision on Direct Trade Due Tomorrow

Stefanos Evripidou - Cyprus Mail

The European Parliament’s Legal Service is due to deliver its opinion on the legal basis of the hugely political and controversial Direct Trade Regulation (DTR) tomorrow in Brussels. The opinion will be discussed at the Legal Committee tomorrow afternoon, though a vote on the issue will likely be postponed due to the absence of the German rapporteur, MEP Kurt Lechner, from Brussels this week.

Siemens Probe Nearing an End

E- Kathimerini

The parliamentary committee investigating claims that Siemens Hellas paid bribes to Greek public officials and politicians to secure state contracts hopes to wrap up its work by the end of September, paving the way for Parliament to order a preliminary judicial probe into the affair. Sources said yesterday that both PASOK and New Democracy want the panel of MPs to finish questioning witnesses over the next two weeks

Psomiadis to Comply With Samaras' Ultimatum

NET, NET 105.8

Panagiotis Psomiadis, a candidate for governor of the region of Central Macedonia, announced his decision to comply with Greek Conservative party leader Antonis Samaras' ultimatum to exclude his brother from his ballot. Psomiadis' brother Dionisios was running for the post of deputy governor. On Tuesday, Samaras threatened to withdraw support from Psomiadis if he did not give in. Panagiotis Psomiadis attributed “Samaras' ultimatum” to a misunderstanding.

Greek Defense Ministry Holds 2nd Round of Talks on Shipyard Sale

Sept. 1 (Bloomberg) -- Greek Defence Minister Evangelos Venizelos held a second round of talks with Thyssenkrupp AG and Abu Dhabi MAR Group late yesterday on the sale of a Greek shipyard. A “series of outstanding issues were resolved” and legal advisers are drafting a final agreement, expected to be finished Sept. 2, to submit to the Greek gover

EU Law to Crack Down on Abusive Short Selling

Huw Jones

(Reuters) - European Union regulators would be able to ban abusive short selling of shares and naked selling of credit default swaps and sovereign debt for three months or more under a draft EU law seen by Reuters on Wednesday. The bloc's financial services chief, Michel Barnier, has already flagged the measure he is due to publish on September

U.S. Fears Mean Risk for European Central Bank

Pan Pylas - The Associated Press

LONDON — Indicators are pointing up at the European Central Bank, which may be about to raise its 2010 economic projections. But that brightening picture is being increasingly darkened by fears about the recovery in the U.S. That is why ECB head Jean-Claude Trichet is expected to signal that it's no time to discuss interest rate hikes when he fro

Spain Halves Deficit With Painful Austerity Cuts

Daniel Wools - The Associated Press

MADRID — Spain's deficit is down sharply thanks to an unpopular cocktail of tax hikes and austerity cuts — good news for a government fighting to ward off fears it might need a bailout like the one that saved Greece from bankruptcy. Still, with a fifth of the work force out of a job and businesses struggling to survive, the spending cuts that are helping the budget are likely to keep any economic recovery subdued.

Five Nabbed in Crete for Kidnapping UK Professor

(ANA-MPA) -- Police in Rethymno on Wednesday reported a further five arrests in connection with the abduction on the island of Crete of a 50-year-old lecturer from Manchester University in England. The five, all residents of Iraklio, have been charged as accomplices in the kidnapping. They include two Greek women aged 32 and 60 years, respectively, and three Greek men aged 37, 41 and 43 years old.