News, Editorials & OpinionsBusiness AdsSelective EbooksFree Internet ReferencesContact Us

"News" from different sources and "Editorials" from diverse authors including myself. 
"News" in English following by "Greek News" in Greek.


To place your free business ad in me website, contact me!

Opt-in form below

Click below to get a free copy of my ebook, "Practical Cosmology".

eMail address:
First Name:


Archive Newer | Older

Monday, October 31, 2011

Greece’s crisis and its effect to Eurozone

Gabriel Kazakias 10/28/11


Greece
's economic reforms, which led to abandoning the drachma in favor of the euro in 2002, made it easier for the country to borrow money. Greece went on a big spending spree such as:

  • The 2004 Athens Olympics, which went well over its budget.
  • The country was hit by the downturn which is spend more on benefits and collected less in taxes.
  • There were also doubts about the accuracy of its economic statistics.

 Greece's economic problems meant lenders started charging higher interest rates to lend it money. In July 2011, Eurozone leaders and the IMF agreed to lend Greece 109bn euros. A year later Greece was approved for another 110bn euro rescue package.

The reason Greece had to be bailed out was that it had become too expensive for it to borrow money commercially. As a result, Greece has lots of debts that need to be paid, but it cannot afford to borrow commercially and does not have enough money from the first bailouts to pay them.
 

Part of the latest (10/27/11) eurozone agreement was to solve the region's huge debt crisis. Private banks holding Greek debt have now accepted a loss of 50%.

Despite the bailouts, many people think Greece will default. What continues to worry the markets, however, is fear of a "disorderly default" and the domino effect that might have within the eurozone.

What would happen if Greece defaulted? Europe's banks are big holders of Greek debt. An "orderly" default could mean a substantial part of this debt being rescheduled so that repayments are pushed back decades. A "disorderly" default could mean much of this debt not being repaid - ever.


What's more, Greek banks are exposed to the sovereign debts of their country. They would need new capital, and a crisis of confidence could spark a run on the banks as people withdrew their money, making the problem worse.


What would this mean to the eurozone?


A Greek exit is seen by some as inevitable if the country defaulted. The big question would then be, what about other heavily-indebted nations?  


The political and economic structures that have bound the 17-nation bloc together could begin to unravel. German public opinion is already tiring of the government's lead role in bailing out the eurozone in a bid to hold the bloc together.


UK
banks hold a relatively small $3.4bn worth of Greek sovereign debt, compared with banks in Germany, which hold $22.6bn, and France, which hold $15bn. When you add in other forms of Greek debt, such as lending to private banks, those figures rise to $14.6bn for the UK, $34bn for Germany and $56.7bn for France.

Fitch claims that the plan was a necessary step to put the Greek sovereign's public finances on a more sustainable footing, notwithstanding that—if accepted—the 50% nominal haircut on the proposed bond exchange would be viewed by the agency as a default event under its 'distressed-debt-exchange' criteria.

Fitch also said that the write-downs won't translate into a comparable reduction in the country's overall debt. It expects Greece's public debt to peak at 142% of gross domestic product in 2013, «still by far the highest in the euro zone,» before coming back down to 120% of GDP by 2020.

7:58 am est

What brought the US Housing Bubble

Gabriel Kazakias 9/24/11


President Clinton asked Fannie Mae and Freddie Mac (FM&FM) to encourage lenders/banks to give mortgages without down-payment, closing fees and free of interest for a certain period. These mortgages would be guaranteed by FM&FM.


The Lenders securitized these mortgages by purchasing insurance from companies like AIG. Then bundled some good mortgages as well as bad mortgages and sold them to investors.  


After three to four years, families holding this type of mortgages could not afford the payments anymore and they were forced to default. When the investors/banks were openly in trouble and tried to collect from the insurance companies, the insurance companies including AIG were unable to pay out their polices.

Credits dried up, companies went bankrupt, layoffs piled up and the recession began.

7:37 am est

Saturday, October 8, 2011

Was Obama responsible for America’s economy downfall?

Gabriel Kazakias  9/25/11

Since I came to know Obama I respected his academic and political accomplishments but I was, somehow, against his liberal ideology. What annoys me although is the Republican Party’s  direct blame to the president for the downfall of the American economy.

I agree that Obama’s administration didn‘t do much to revive the economy but the downfall started during the previous administration. 

The recession began in December 2007, 13 months before Obama took office, January 2009.

By the fourth quarter of 2008, shortly after the banking crisis, the economy contracted by 8.9%.

The recession officially ended in June 2009, and the economy was growing until the past six months.

The main fault to Obama’s administration was their stimulus package, the one that the Republicans fought vigorously against it. The Obama’s stimulus package did not work. The unemployment rate, a more direct concern to the average American, was 7.8 % when Obama took office, and it has held at 9.1 % for the past three months.

11:18 am est

Pros and Cons of Stem Cell Research
Researched by Gabriel Kazakias 10/2/11
 What are Stem Cells?
What is the controversy all about?

There has been much controversy about the pros and cons of stem cell research. "Stem" cells offer much hope for medical advancement because of their ability to grow and replace any kind of cell even dead cells. For instance, neural cells in the brain and spinal cord that have been damaged can be replaced by stem cells. In the treatment of cancer, cells destroyed by radiation or chemotherapy can be replaced with new healthy stem cells that adapt to the affected area, whether it be part of the brain, heart, liver, lungs, or wherever. Dead cells of almost any kind, no matter the type of injury or disease, can be replaced with new healthy cells thanks to the amazing flexibility of stem cells. As a result, billions of dollars are being poured into this new field.

Where do stem cells come from? There are three main sources for obtaining stem cells.

  • adult cells
  • umbilical cord cells
  • embryonic cells.

Adult stem cells can be extracted either from bone marrow or from the peripheral system. Bone marrow is a rich source of stem cells, however, some painful destruction of the bone marrow could result from this procedure. Peripheral stem cells can be extracted without damage to bones, but the process takes more time. Although difficult to extract, since they are taken from the patient's own body, adult stem cells are superior to both umbilical cord and embryonic stem cells. There is always an exact DNA match so the body's immune system never rejects them. And as we might expect, results have been both profound and promising.

Stem cells taken from the umbilical cord are a second very rich source of stem cells. Umbilical cells can also offer a perfect match where a family has planned ahead. Umbilical Cord cells are extracted during pregnancy and stored in cryogenic cell banks as a type of insurance policy for future use on behalf of the newborn. Cord cells can also be used by the mother, the father or others. The more distant the relationship, the more likely it is that the cells will be rejected by the immune system's antibodies. However, there are a number of common cell types just as there are common blood types so matching is always possible especially where there are numerous donors. The donation and storage process is similar to blood banking. Donation of umbilical cells is highly encouraged. Compared to adult cells and embryonic cells, the umbilical cord is by far the richest source of stem cells, and cells can be stored up in advance so they are available when needed.

Embryonic Cells are the source of the controversy. Embryonic stem cells are extracted directly from an embryo before the embryo's cells begin to differentiate but the extraction of stem cells from this type of an embryo requires its destruction . At this stage the embryo is referred to as a "blastocyst." There are about 100 cells in a blastocyst which can be kept alive indefinitely, grown in cultures, where the stem cells continue to double in number every 2-3 days. A replicating set of stem cells from a single blastocyst is called a "stem cell line". President Bush authorized federal funding for research on the 15 stem cell lines available in August 2001. Other stem cell lines are also available for research but without the coveted assistance of federal funding.


So what is the controversy all about? Those who value human life from the point of conception, oppose embryonic stem cell research because the extraction of stem cells requires the destruction of its embryo. In other words, it requires that a human life be killed. On the other hand, embryonic research advocates argue that the tiny blastocyst has no human features and furthermore new stem cell lines already exist due to the common practice of in-vitro-fertilization. Research advocates conclude that many fertilized human cells have already been banked, but are not being made available for research and they also claim that human lives will not be created for the sole purpose of experimentation.


Others argue against such research on medical grounds. Mice treated for Parkinson's with embryonic stem cells have died from brain tumors in as much as 20% of cases. Embryonic stem cells stored over time have been shown to create the type of chromosomal anomalies that create cancer cells. Even though I don’t have the proper knowledge to take a position I cannot ignore a more pragmatic standpoint which is using the funds devoted to embryonic stem cell research to the other two more promising and less controversial types of stem cell research mentioned above.

10:54 am est

State Department readies Iraq operation, its biggest since Marshall Plan

By Mary Beth Sheridan and Dan Zak, Published: October 7

The State Department is racing against an end-of-year deadline to take over Iraq operations from the U.S. military, throwing up buildings and marshalling contractors in its biggest overseas operation since the effort to rebuild Europe after World War II.

While attention in Washington and Baghdad has centered on the number of U.S. troops that may remain in Iraq, they will be dwarfed by an estimated 16,000 civilians under the American ambassador — the size of an Army division.

The scale of the operation has raised concerns among lawmakers and government watchdogs, who fear the State Department will be overwhelmed by overseeing so many people, about 80 percent of them contractors. There is a risk, they say, of millions of dollars in waste and limited supervision of bodyguards.

“We’re very, very worried,” said Christopher H. Shays, a former Republican member of Congress who served on the Commission on Wartime Contracting, at a House hearing on Tuesday. “I don’t know how they’re going to do it.”

State Department officials say they are working flat-out to finish their preparations, adding contracting professionals to prevent fraud and focusing on ensuring U.S. personnel will be protected.

“We’ve spent too much money and lost too many kids’ lives, not to do this thing right,” said Deputy Secretary of State Tom Nides.

But officials acknowledge they have never done anything quite like this. “Make no mistake, this is hard,” said Nides.

There are currently 43,000 U.S. servicemembers in Iraq. Under an agreement negotiated by the George W. Bush administration, they are to leave by the end of 2011.

Iraqi leaders Tuesday said they wanted a small contingent of U.S. military trainers to remain, but without immunity from local prosecution, a condition the Obama administration has said it cannot accept. The administration has been planning to keep 3,000 to 5,000 military trainers if the two sides can hammer out an agreement.

The list of responsibilities the State Department will pick up from the military is daunting. It will have to provide security for the roughly 1,750 traditional embassy personnel — diplomats, aid workers, Treasury employees and so on — in a country that is still rocked by daily bombings and assassinations.

To do so, State is contracting a security force of about 5,000. They will not only protect the Baghdad embassy but two consulates, a pair of support sites at Iraqi airports and three police-training facilities.

The State Department will operate its own air service — the 46-aircraft Embassy Air Iraq — and its own hospitals, functions the U.S. military has been performing. About 4,600 contractors, mostly non-American, will provide cooking, cleaning, medical care and other services. Rounding out the civilian presence are about 4,600 people scattered over 10 or 11 sites where Iraqis will be instructed on how to use U.S. military equipment they’ve purchased.

“This is not what State Department people train for, to run an operation of this size. Ever since 2003, they’ve been heavily reliant on U.S. military support,” said Max Boot, a national security expert at the Council on Foreign Relations.

In its final report issued last month, the bipartisan Commission on Wartime Contracting said that billions of U.S. taxpayer dollars had been squandered in Iraq and Afghanistan, and charged that the State Department hadn’t made the necessary reforms in its contracting operation.

“Therefore, significant additional waste — and mission degradation to the point of failure — can be expected as State continues with the daunting task of transition in Iraq,” it warned.

State Department officials dispute that conclusion, saying they have hired dozens of extra contracting personnel and have gained experience in managing contractors in Iraq.

Shays said he also worried that the State Department’s small security force will be stretched too thin to supervise armed contractors. He told the hearing he feared a repeat of the 2007 incident in which guards from the security firm then known as Blackwater opened fire at a Baghdad traffic circle, killing 17 Iraqi civilians.

Stuart Bowen, the inspector general for Iraq reconstruction, said in an interview that the transition would have other costs. Without the military protection, U.S. government personnel will have limited reach throughout Iraq, he said. Already, the 1,200 personnel in the consulate in the southern city of Basra can’t adequately move around that region, he said.

“In between this area and Baghdad, there will be a void” of diplomatic coverage, Bowen said.

Nides emphasized that the State Department wasn’t trying to duplicate the military mission.

“That’s not what the Iraqis want. Frankly that’s not what was agreed to” with the government in Baghdad, he said. Instead, the department was trying to transition to a diplomatic presence, he said.

While the Iraq operation will be huge by State Department standards, it will still represent a significant scaling down from the military-led mission, which currently involves 50,000 defense contractors. And State Department officials say their use of contractors is expected to drop sharply over the next three years, as security improves in Iraq.

Nides noted that the State Department planned to spend less than $6 billion in Iraq in 2012, compared to an outlay of about $50 billion by the military this year.

“That’s a pretty good transition dividend,” he said.

The State Department had originally planned a more ambitious network of consulates and police training sites, but cut back after failing to get enough funding from Congress.

Its smaller footprint will be evident in the police training program, which will be run out of three locations in Iraq. In contrast, the U.S. military had training programs in every one of the country’s 18 provinces, said Maj. Gen. Jeffrey S. Buchanan, chief spokesman for U.S. forces in Iraq.

“We had a partnership at a much lower level but I think [State will] bring a very needed expertise at a higher level, a more strategic level,” he said.

The department’s inspector-general reported in May that there was a risk that some of the new embassy facilities — such as hospitals and housing — wouldn’t be ready by year’s end.

A State Department official acknowledged housing construction will probably extend into 2012. But at least temporary accommodations will be ready by year’s end for 10,000 people at the Baghdad embassy, said the official, who was not authorized to comment on the record. There will be no need — as initially feared — to make people use beds in shifts.

“We will have the basics for everyone,” he said.

Zak reported from Baghdad.

10:01 am est

Friday, October 7, 2011

News were posted 10:40 AM

Top Stories

Stocks get modest support from US jobs figures

Central Florida News 13 - ‎10 minutes ago‎

Nobel Peace Prize Goes to Women's Rights Activists

ABC News - ‎6 minutes ago‎

Payrolls rise in September, jobless rate steady

Reuters - ‎1 hour ago‎

Russian Space Chief: No Flaws Found in Rockets

ABC News - ‎1 hour ago‎

Occupy Wall Street: Getting Back to Business After Clashes With Police

TIME - ‎42 minutes ago‎

REVIEW: 'Ides of March' a bleak picture of American politics

The Aurora Sentinel - ‎8 hours ago‎

View as:One ColumnTwo Column News for you

Afghanistan civil war a significant risk, 'cold-eyed' British review to warn

The Guardian - ‎17 minutes ago‎

Battle Rages On for Gadhafi's Hometown

Voice of America - ‎51 minutes ago‎

Hamas calls for seizing Israeli soldiers to swap for Palestinian prisoners

Xinhua - ‎36 minutes ago‎

Dalai Lama to Make Video Appearance at S. African Celebration

Voice of America - ‎19 minutes ago‎

Afghan leader assails Pakistan for Taliban support

CBS News - ‎1 hour ago‎

Stocks, Commodities Gain as Treasuries, Dollar Decline on Jobs

BusinessWeek - ‎27 minutes ago‎

Merkel Presses EU on Bank Funding

Wall Street Journal - ‎21 minutes ago‎

Banks downgraded as EU squabbles over next bailout

Reuters - ‎1 hour ago‎

Stocks Rise on Jobs Data

New York Times - ‎4 minutes ago‎

Greece, Germany sign deal to spur growth, investment

Reuters - ‎30 minutes ago‎
9:38 am est

Thursday, October 6, 2011

Top Stories

Jobs death prompts grief at Apple stores worldwide

Reuters - ‎17 minutes ago‎

EXCLUSIVE-Microsoft considers bidding for Yahoo-sources

Reuters - ‎14 hours ago‎

Sarah Palin won't run for president in 2012

USA Today - ‎45 minutes ago‎

Ore. airport wants to sell ad space on tower

CBS News - ‎45 minutes ago‎

How Occupy Wall Street has evolved

CNN - ‎32 minutes ago‎

Orix May Buy US Asset Management Firm to Enter Equity Market

BusinessWeek - ‎7 hours ago‎

View as:One ColumnTwo Column News for you

5:23 am est

Wednesday, October 5, 2011

Top Stories

Emotional pressure eases as Knox gains freedom

Boston Globe - ‎1 hour ago‎

Senate Democrats rewrite Obama's jobs bill taxes

Boston Globe - ‎1 hour ago‎

Afghanistan and Iraq wars not worth fighting, say a third of US veterans

The Guardian - ‎10 minutes ago‎

U.S. stocks deemed one-eyed man in land of the blind: Report

Economic Times - ‎1 hour ago‎

Truck bomb kills dozens in capital of Somalia

Boston Globe - ‎1 hour ago‎

Space tourism creeps closer to reality

USA Today - ‎19 hours ago‎

View as:One ColumnTwo Column News for you

Taliban Using Modern Means to Add to Sway

New York Times - ‎8 hours ago‎

Russia, China veto Syria resolution at the United Nations

Washington Post - ‎36 minutes ago‎

Saudi Blames Foreign Country for Unrest

Wall Street Journal - ‎58 minutes ago‎

Sirte residents turn anger on Libya's new rulers

Reuters - ‎27 minutes ago‎

NATO says kills senior Haqqani commander in Afghanistan

Reuters - ‎41 minutes ago‎
5:17 am est

Tuesday, October 4, 2011

Top Stories

Amanda Knox thanks supporters, heads for home

CBS News - ‎16 minutes ago‎

Quantum physics is the focus of Nobel buzz

Forbes - ‎1 hour ago‎

Senate Moves to Punish China for Yuan's Low Value

Wall Street Journal - ‎1 hour ago‎

S&P 500 Below 1100 Puts Bear Market in View

Bloomberg - ‎4 hours ago‎

Space tourism industry progress has been slow

CBS News - ‎1 hour ago‎

Libya's NTC Launches 'Final Assault' on Gadhafi Stronghold

Voice of America - ‎26 minutes ago‎

View as:One ColumnTwo Column News for you

Romney to meet with voters in Central Florida

MiamiHerald.com - ‎1 hour ago‎

GOP's Christie announcement could come any day

The Associated Press - ‎1 hour ago‎

Terror suspect in court

Worcester Telegram - ‎26 minutes ago‎

After Ruling, Hispanics Flee an Alabama Town

New York Times - ‎5 hours ago‎

S.C. jumps ahead of primary in Fla. | Philadelphia Inquirer | 2011-10-04

Philadelphia Inquirer - ‎1 hour ago‎

EU Signals Investors May Have to Take Bigger Losses in Second Greek Rescue

Bloomberg - ‎2 minutes ago‎

UBS Sees 'Modest' Net Profit in Third Quarter, Net New Money

Bloomberg - ‎22 minutes ago‎

Market Nears Bear Territory

Wall Street Journal - ‎5 hours ago‎

Dexia Plunges After Board Asks Chief to Resolve 'Problems'

BusinessWeek - ‎31 minutes ago‎

Protests against Wall Street spread across US

Wall Street Journal - ‎40 minutes ago‎
4:00 am est

Monday, October 3, 2011

Top Stories

Amanda Knox: "I am innocent"

CBS News - ‎8 minutes ago‎

Nobel winner died days before award announced

CNN - ‎42 minutes ago‎

German Bonds Advance as Finance Ministers Gather at Euro Talks

BusinessWeek - ‎23 minutes ago‎

Gold up as Equity Markets Fall on Greek Debt Debacle

FXstreet.com - ‎3 hours ago‎

As Chris Christie mulls bid, rivals ready attacks

Los Angeles Times - ‎1 hour ago‎

International cooperation key to making space affordable - Nasa

Creamer Media's Engineering News - ‎34 minutes ago‎

View as:One ColumnTwo Column News for you

Gaddafi son Mutassim hiding in Sirte hospital: NTC

Reuters - ‎17 minutes ago‎

Report: Al Qaeda's Yemen Chiefs Still a Menace to U.S.

Fox News - ‎19 minutes ago‎

Panetta hints US opposed to unilateral action against Iran

Jerusalem Post - ‎21 minutes ago‎

Key Haqqani Leader: US Asked Us to Quit Violence, Join Afghan Govt

Voice of America - ‎23 minutes ago‎

Q&A: Syrian oppostion alliance

BBC News - ‎35 minutes ago‎
11:21 am est

Sunday, October 2, 2011

News were posted 10:29 AM

Top Stories

700 arrested after protest on NY's Brooklyn Bridge

Forbes - ‎17 minutes ago‎

In Amanda Knox Appeals Trial, Italian Defendant Takes a Backseat

Fox News - ‎40 minutes ago‎

Rick Perry disputes Washington Post story on slur

Politico - ‎1 hour ago‎

Libya conflict: Hundreds of residents flee Sirte

BBC News - ‎1 hour ago‎

Bank of America's debit card fees

Christian Science Monitor - ‎23 minutes ago‎

The Political Pulpit

New York Times - ‎Sep 30, 2011‎

View as:One ColumnTwo Column News for you

Awlaki death unlikely to concern Arab world

Sydney Morning Herald - ‎1 hour ago‎

Filipinos still trapped on roofs; typhoons kill 59

CBS News - ‎47 minutes ago‎

French woman's boyfriend describes Kenyan kidnap

Telegraph.co.uk - ‎58 minutes ago‎

Syrian opposition council: Save us from 'war'

CNN - ‎16 minutes ago‎

Egypt parties to review army vote concessions

Reuters UK - ‎35 minutes ago‎
9:29 am est

Saturday, October 1, 2011

News were posted 5:49 AM

Top Stories

With al-Awlaki dead, al Qaida lacks Western voice

Hindustan Times - ‎24 minutes ago‎

Sources: Christie Reconsidering Decision to Stay Out of GOP Race

Fox News - ‎3 minutes ago‎

2nd Typhoon in Week Lashes Rain-Soaked Philippines

ABC News - ‎2 hours ago‎

Private space efforts get astronauts in air before NASA

msnbc.com - ‎9 hours ago‎

'Occupy Wall Street' Protesters March to NYPD Headquarters

Fox News - ‎1 hour ago‎

SpaceX Unveils Plan for World's First Fully Reusable Rocket

Space.com - ‎17 hours ago‎

View as:One ColumnTwo Column News for you

4:50 am est


Archive Newer | Older

World News & Greek News Postings

Tuesday, December 6, 2011
7:57 AM

In Englisg News

Top Stories

Planet found orbiting habitable zone of sun-like star

Reuters - ‎17 minutes ago‎

Cable firms branch out into home-security services

Los Angeles Times - ‎13 hours ago‎

Health care law changing behavior

USA Today - ‎7 hours ago‎

Afghan Shi'ite shrine blast kills 54

Reuters - ‎30 minutes ago‎

S&P Jumps Into Politics Again With EU Outlook Warning

Bloomberg - ‎27 minutes ago‎

Russia election protests: Putin plays down losses

BBC News - ‎6 minutes ago‎

View as:One ColumnTwo Column News for you

Egypt: Islamist leader downplays fears of takeover

The Associated Press - ‎19 minutes ago‎

Africa: 'We'll Be Tough With the Big Boys'

AllAfrica.com - ‎44 minutes ago‎

Dozens of bodies dumped in flashpoint Syrian city, activist group says

Washington Post - ‎2 hours ago‎

Lebanon's Hezbollah leader makes rare public address, says group acquiring ...

Washington Post - ‎18 minutes ago‎

UK Supreme Court to Hear WikiLeaks' Assange Case

NTDTV - ‎11 minutes ago‎

BP says Halliburton destroyed Gulf spill evidence

Chicago Tribune - ‎20 minutes ago‎

Oil stalls on euro zone downgrade risk

Reuters - ‎1 hour ago‎

Panel urges legal action in damning Olympus report

Reuters - ‎18 minutes ago‎

Apple, E-Book Publishers Probed by European Union Regulator

BusinessWeek - ‎27 minutes ago‎

4 Best Credit Card Offers for Holiday Spending

TIME - ‎2 hours ago‎