The Hellenic Radio (ERA): News in English, 10-02-12

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Vancouver Ready to Host 2010 Winter Games

Vancouver, Canada, is ready to host the 2010 Winter Olympic Games. The opening ceremony, which is to take place indoors for the first time in the history of the Games, has been scheduled for 4am on Saturday (Greek local time). More than 2,600 athletes from almost 90 countries are to take part in the Winter Games that keep the fans of winter sports nailed before their screens. Running through 28 February, the Greek national broadcaster ERT, as well as ERT's sports website in collaboration with EBU, will provide live coverage for the Greek audience.

The organization committee has not revealed the name of the last torchbearer.

Thousands have carried the torch, including news anchor Matt Lauer and Arnold Schwarzenegger, but the moment was particularly moving for Mike Buble as a native Canadian.

Buble was warmly welcomed by his fans who kept chanting his name while he was trying to make his way through the crowded roads.

The name of the final torchbearer remains secret. However, former hokey superstar Wayne Gretzky is rumoured to be the one, while other say the torch will be given to an unknown Aborigine athlete. News item: 33258

[02] Regional Governors Given Deadline for ESPA

The Greek regional governors were given until 10 March to submit their planning for the revised regional programmes included in the National Strategic Reference Framework (ESPA). The revised ESPA will then be tabled in the European Commission. In a meeting with the general secretaries of the regions, Economy Minister Louka Katseli called on all parties to be on alert so that the 10 billion euros of the ESPA can be earmarked in 2010.

Focusing on Absorbing 10.3bn Euros

"The government intends to earmark 10.3 billion euros in 2010," said Economy Minister Louka Katseli after her meeting with the reps of the country's regional governors.

The Economy Minister urged the local governors to submit their proposals for the revision of the programmes they are managing by 10 March.

Source: NET, NET 105.8 News item: 33250

[03] Eurogroup-Ecofin Crucial Meetings

Eurogroup and Ecofin meetings on Monday and Tuesday respectively are expected to clarify technical details on means for materialization and monitoring of Greece's stability plan following decision of EU 27 member states to support Greece. After EU commitment to support Greece, President of European Central Bank Jean-Claude Trichet said: "I appreciate the commitment of euro area member states to take determined and coordinated action, if needed, to safeguard financial stability in the euro area". He also welcomed the Greek government's commitment to do whatever is necessary, including adopting additional measures to ensure its ambitious targets.

Positive reaction in Japan stock market/ significant rise in Wall Street

Earlier, Japan stock market reacted positively to EU pledge to support Greece to cut down state debt. Wall Street also recorded significant gains with investors showing interest in buying shares after EU decision.

However, Greek 10-year yield spreads and Italian bonds low over German bunds is rendered to investors' disappointment as the EU summit did not reach a specific plan to support Greece. Greek 10-year yield spreads over Bunds were at 282 basis points, off earlier session of 275.

International Mass Media

In the meantime, in its Friday issue Guardian says that German Chancellor objected to direct support to Greece. Quoting statements of senior officials, the newspaper says that despite indication of unity by Germany, France and the EU clear solidarity message to Greece, Angela Merkel objected to a specific plan. She is likely to have said that Greece should resolve its problems alone.

US news agency Bloomberg writes about third day fall of euro against the yen and dollar, justifying markets concern over support plan to Greece as there are fears that the plan falls short to the country's real needs. A financial analyst describes as disappointing the fact that details on the support plan are not unveiled and foresees that it would negatively affect the euro currency.

In the same line is BBC article that maintains that financial markets are not convinced as details of the EU support plan are not unveiled. "Early in the morning it was announced that EU leaders reached an agreement but gave only verbal support to Greece", says BBC article.

"In Brussels, EU leaders stressed that Greece did not ask for financial aid but markets want to know what will happen if Greece can not face its debt. There will be available credits, guarantee of its loans, injection of capital".

German magazine Spiegel in its website says that EU member states have agreed to help Greece only in case of emergency, adding that it has to significantly cut down its state expenses.

Source: NET 105.8 - ÁNA - ĚPA - Reuters

News item: 33229

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