FIVE ARTICLES CONCERNING the NATIONAL SUBJECTS AND the INTERNATIONAL ECONOMIC CRISIS.
www.Apodimos.com
Firstly it will be supposed we thank the all our visitors – readers, for their interest study also the English – writing articles that present one our and English-speaking Emigrant brothers are many in the all world and second promised present in all our Greek and Emigrant brothers, English-speaking articles on their wider briefing. In this our English-speaking presentation, we will present to them 2 articles that concern our national subjects and 3 that concern the international economic crisis and are: EU court backs return of northern Cyprus property, European Parliament resolution on the 2008 progress report on the former Yugoslav Republic, The economy’s not dying. It’s just poorly, Preparing Kids for the Future Economy, The One Trillion Commercial Real Estate Time Bomb.
1st Article
EU court backs return of northern Cyprus property
by Amelie Bottollier-Depois– Tue Apr 28,
LUXEMBOURG (AFP) – A top European court on Tuesday backed the right of Greek Cypriots to reclaim property they abandoned in the north of the island when it was divided, and which was then sold to foreigners.
AFP/File – Newly-built villas in the northern town of Kyrenia in Turkish-occupied northern Cyprus. A top European…
The European Court of Justice supported the claim of a Greek Cypriot man to the ownership of land on which a British couple built a holiday home, after he was forced to leave it when Turkish troops invaded northern Cyprus in 1974.
The long-awaited and complex ruling is likely to strengthen any legal claims Greek Cypriots might want to assert over their former properties, and a lawyer warned foreigners with suspect land there to seek legal advice.
After the Turkish military occupation of the north, some 170,000 Greek Cypriots fled south, abandoning their properties.
Many of the abandoned properties were distributed among Turkish Cypriots who had left behind assets in the south and many of whom subsequently sold them on to foreigners, mainly Britons.
The EU decision revolves around a court case in Nicosia dating from 2005.
In it, British couple Linda and David Orams were ordered to demolish a villa, built on land popular with foreign pensioners which they had bought from Turkish Cypriots, and to pay compensation.
The land's original owner, Greek Cypriot Meletis Apostolides, took the case to a British appeals court so that the order -- which recognized his ownership of the land -- would be enforced.
The British court sent the case to the EU tribunal in Luxembourg for a ruling on the complicated issue of whether the decision by the court in Nicosia is applicable in the Turkish north. "The recognition and enforcement of the judgments of the Cypriot court cannot be refused in the United Kingdom," the EU court said on Tuesday.
The so-called Turkish Cypriot state let in northern Cyprus is recognized by Turkey but not the rest of the international community. The court said "the fact that the land concerned is situated in an area over which the government does not exercise effective control ... does not preclude the recognition and enforcement of those judgments in another member state."
The Orams argued the property was bought in good faith, but they could now face enforcement action through the British courts as Cyprus is a fellow member of the European Union.
Indeed, technically speaking, the entire island joined the EU in 2004 but the application of EU legislation has been suspended in the north.
The Greek Cypriot-run government welcomed the judgment. The court "has defended the property right of the citizens of the Republic of Cyprus, as EU citizens, irrespective of whether the property is located in the free or in the occupied areas," spokesman Stefanos Stefanou said.
Apostolides's lawyer told AFP that it was time for foreigners with property in the north to start worrying. .……….
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http://news.yahoo.com/s/afp/20090428/wl_afp/
eucyprusbritaincourtproperty6th;_ylt=AmNOc_t0iZ0ICRy3YOucwpfGK7IF
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2nd Article
European Parliament resolution on the 2008 progress report on the former Yugoslav Republic
March 11, 2009
Resolution B6‑0106/0000
The European Parliament,
· having regard to the Presidency Conclusions of the Thessaloniki European Council of 19‑20 June 2003, at which the promise was made to all Western Balkan states that they would join the European Union,
· having regard to UN Security Council Resolutions 817 and 845 of 1993,
· – having regard to the European Council decision of 16 December 2005 to grant the place former Yugoslav Republic of Macedonia the status of candidate country for EU membership and to the Presidency Conclusions of the European Councils of 15-16 June 2006 and 14-15 December 2006,
· having regard to the 1995 interim agreement between the place Hellenic place Republic and the place former Yugoslav Republic of Macedonia,
· having regard to the EU/Western Balkans Declaration, which was unanimously approved by the Foreign Ministers of all the EU Member States and by the Foreign Ministers of the Western Balkan states in place Salzburg on 11 March 2006,
· having regard to the conclusions of the Fourth Meeting of the EU-former Yugoslav Republic of Macedonia Stabilization and Association Council of 24 July 2007,
· having regard to the EU-former Yugoslav place Republic place of Macedonia visa facilitation and readmission agreements of 18 September 2007,
· having regard to Council Decision 2008/212/EC of 18 February 2008 on the principles, priorities and conditions contained in the Accession Partnership with the former Yugoslav Republic of Macedonia(1),
· having regard to the Brdo Statement: New focus on the Western Balkans, made by the EU Presidency on 29 March 2008, underlining the need for a fresh impetus to the place Thessaloniki place agenda and the place Salzburg declaration,
· having regard to the Commission’s 2008 Progress Report on the place former Yugoslav Republic of Macedonia (SEC(2008)2695),
· having regard to its resolution of 10 July 2008 on the Commission’s 2007 enlargement strategy paper(2),
· having regard to its resolution of 23 April 2008 on the 2007 Progress Report on the place former Yugoslav Republic of Macedonia(3),
· having regard to the recommendations of the place EU-former place Yugoslav place Republic place of place Macedonia Joint Parliamentary Committee of 29-30 January 2007 and 26-27 November 2007,
· having regard to its resolution of 24 October 2007 on the proposal for a Council decision concerning the conclusion of the Agreement between the European Community and the former Yugoslav Republic of Macedonia on the facilitation of issuance of short-stay visas(4),
· having regard to its resolution of 24 October 2007 on the proposal for a Council decision concerning the conclusion of the Agreement between the European Community and the former Yugoslav Republic of Macedonia on readmission(5),
· having regard to Council Decision 2007/824/EC of 8 November 2007 on the conclusion of the Agreement between the European Community and the former Yugoslav Republic of Macedonia on the facilitation of the issuance of visas – Exchange of letters(6),
· having regard to Council Decision 2007/817/EC of 8 November 2007 on the conclusion of the Agreement between the European Community and the former Yugoslav Republic of Macedonia on the readmission of persons residing without authorization – Exchange of letters(7),
· having regard to the final declaration of the place Fifth place EU-former place Yugoslav place Republic place of place Macedonia Joint Parliamentary Committee, adopted on 28 November 2008,
· having regard to the Commission communication of 5 November 2008 entitled ‘Enlargement Strategy and Main Challenges 2008-2009’ and to the conclusions of the General Affairs and External Relations Council held on 9 December 2008,
· having regard to Rule 103(2) of its Rules of Procedure,
A. whereas the Commission’s 2007 enlargement strategy paper attaches great importance – from the initial stages of that strategy onwards – to the rule of law and good governance, particularly in relation to the fight against corruption and organized crime, administrative and judicial reform and civil society development,
B. whereas the EU has taken steps to improve the quality of the enlargement process,
C. whereas an EU Member State, namely Greece, and the former Yugoslav Republic of Macedonia are in the midst of a negotiation process taking place under the aegis of the United Nations aimed at reaching a mutually acceptable solution to the issue of the name of the candidate state; whereas ensuring good neighbourly relations and finding negotiated and mutually acceptable solutions to unresolved issues with neighbours, in line with the Salzburg declaration of 11 March 2006, remain essential,
1. Welcomes the fact that the parties in government and the opposition in the former Yugoslav Republic of Macedonia, with the widespread support of civil society and public opinion, are united in their desire to fulfill the Copenhagen criteria for EU membership and for the earliest possible accession to the EU; in which connection emphasizes that it is not primarily a matter of complying with externally imposed requirements but rather of improving the candidate country’s own future;
2. Reaffirms its full support for the European perspective of the place former Yugoslav Republic of Macedonia and of all the Western Balkan countries, which is essential for the stability, reconciliation and peaceful future of the region;
3. Welcomes the fact that, seven years after the Ohrid Agreement, the country’s Parliament adopted the law on the use of languages in administration and education; welcomes in particular the extended possibilities for higher education afforded by the opening of new faculties in various towns, including those with curricula in different languages; notes the improvement of the equitable representation of members of non-majority communities, notably in the public administration, the police and the military forces;
4. Commends the progress made by the country in the dialogue on visa liberalization, notably the high number of biometric travel and identity documents issued, the implementation of the integrated border management scheme and the establishment of a national visa information system; notes with satisfaction the progress made in the fight against trafficking in human beings, illegal migration and corruption, and calls on the government to continue the efforts in this field; welcomes the implementation of the readmission agreement with the EU and calls for closer cooperation with Frontex, Europol and Eurojust; takes note of the difficulties faced by the citizens of the former Yugoslav Republic of Macedonia due to the non-recognition of its passports by one EU Member State; and calls on the Commission, given the progress achieved, to recommend to the Council as soon as possible visa liberalization for citizens of the former Yugoslav Republic of Macedonia, and the abolition of visa requirements;
5. Commends the efforts made by the government of the former Yugoslav Republic of Macedonia in the economic field, which have resulted in significant progress in fulfilling the economic criteria, thus bringing the country closer to a functional market economy; welcomes in particular the facilitation of the tax payment procedures, reform of one-stop-shop registration, foreign trade facilitation and the cutting of red tape; encourages the government to continue its policies aimed at stable GDP growth, a low inflation rate, fiscal discipline and a strengthening of the overall business climate;
6. Observes that, after a series of attempts to disrupt the parliamentary elections on 1 June 2008, particularly in the north-west of the country, the government took effective measures, by means of a partial repeat of elections and effective monitoring of procedures, to arrive at correct election results; welcomes the opening of court proceedings aimed at penalizing the perpetrators of the election improprieties; commends the adoption of amendments to the Electoral Code broadly in accordance with the recommendations of the Organization for Security and Cooperation in Europe and the Office for Democratic Institutions and Human Rights, and trusts that everything possible will be done to prevent any attempts to disrupt future elections, such as the presidential and local elections in March 2009;
7. Welcomes the progress achieved in the establishment of necessary structures for decentralized management of Pre-accession Assistance (IPA); supports the efforts made by the government to build up administrative capacities that will permit implementation of the Commission’s decision to entrust the management of IPA assistance to the national authorities;
8. Observes that, like most EU Member States, the former Yugoslav Republic of Macedonia, following a widely supported decision by its Parliament, recognized, at the same time as Montenegro, the independence of the country’s neighbour Kosovo, despite the difficulties which this might cause in the short term to the desired preservation of good relations with another neighbouring country, Serbia; welcomes the agreement reached with the Kosovo authorities concerning the demarcation of the border;
9. Notes that the increased interest in Serbia, which in 2009 could result in the status of candidate for membership of the EU being conferred on it, must not result in any slackening of interest in the former Yugoslav Republic of Macedonia within the EU or in a further slowing of the progress of the accession process;
10. Observes that the former Yugoslav Republic of Macedonia is taking steps to meet the criteria for membership of the EU, and takes account of the progress made in the implementation of the Stabilization and Association Agreement signed in 2001, and of the Ohrid Framework Agreement and the recent progress in the implementation of the Commission’s benchmarks; regrets however that, three years after it was granted the status of candidate for membership of the EU, accession negotiations have not yet started, which is an unsustainable situation having demodulating effects for the country, and risks destabilizing the region; considers it desirable that this exceptional situation should end; urges that the process be accelerated, and recalls that on 23 April 2008 Parliament expressed the hope that a decision would be taken in 2008 concerning the commencement of accession negotiations, recognizing that any remaining obstacles to an early accession will have to be eliminated during the years in which the forthcoming negotiations take place; urges the Council to accelerate this process by deciding on a date for the beginning of accession negotiations, during the current year, pending full implementation of the key priorities of the Accession Partnership;
11. Reiterates, in accordance with the conclusions of the European Council held on 19 and 20 June 2008 and those of the General Affairs and External Relations Council held on 8 and 9 December 2008, the importance for the former Yugoslav Republic of Macedonia, as an EU candidate country, to continue to foster good neighbourly relations and to seek to resolve outstanding issues with its neighbours, including a negotiated and mutually acceptable solution on the name issue, on the basis of its international undertakings and its bilateral and multilateral commitments and obligations;
12. Supports the efforts of mediator Matthew Nimetz within the UN, as envisaged by UN Security Council resolutions 817 and 845 of 1993, aimed at resolving the differences that have arisen over the constitutional name of the state in order to reach final agreement between the former Yugoslav Republic of Macedonia and Greece as soon as possible, on the basis of his proposal of 6 October 2008 as to how the distinction between the various areas which belong to different states but have in common the fact that they are called Macedonia can be clarified internationally; realizes that this proposal is viewed with hesitation by both parties; takes note of the appointment of the new Macedonian negotiator; requests both parties to remain committed to the talks under the auspices of the UN and to reach a compromise solution, so that the issue does not continue to represent an obstacle to the former Yugoslav Republic of Macedonia’s membership of international organizations, as provided for in the Interim Accord of 1995, which is still in force; warns that unless agreement is reached quickly between the two states, this could result in a long delay in the former Yugoslav Republic of Macedonia joining the EU; takes the view that such outstanding bilateral issues in the Balkans should not obstruct accession or take precedence over the process of European integration;
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http://www.helleniccongress.com/hc/2009/
03/european-parliament-resolution-on-the-2008-progress-report-on-fyr/
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3nd Article
The economy’s not dying. It’s just poorly
The Times
April 15, 2009
What will really harm our future wealth is a hyperactive state which takes on too much power
Jamie Whyte
Those who favour “stimulating” the economy often employ a medical metaphor. The economy is a dying patient. Questions about the long-term effects of its treatment are irrelevant. All that matters now is keeping it alive.
They are foolish to employ this metaphor. Economies cannot die. Even during the Great Depression of the 1930s the economy lived on. The gross domestic product of most industrial countries dropped by about 30 per cent . I am not sure how to translate that into the medical metaphor. Moving 30 per cent less? Losing 30 per cent of your body weight? Whatever: it is not the same as dying.
So long as humans survive, we will have an economy. People will produce and consume food, shelter, clothes, entertainment and, with a little luck, much more besides.
This means that stimulators draw exactly the wrong conclusion from the sick patient metaphor. We should be relatively unconcerned about the economy’s immediate future. We know it will survive. What matters is its long-term quality of life. Crippling a patient who would otherwise die may be worth it. But crippling an immortal patient who would otherwise have to endure a brief period of intense pain is not.
Of course, each of us individuals will die, and some of us pretty soon. A 70-year-old may see little reason to sacrifice the next five years for the sake of long-term benefits. But not everyone is old. On the contrary, most people are so young that they are not even alive yet. Though we may care about them less than we care about ourselves, the billions of people who are members of “future generations” are no less important than we are, and much more numerous.
So, despite near universal agreement that governments must do “whatever it takes” to avoid a severe recession, this is an absurd idea. Perhaps even a wicked idea. The important question about the kind of actions most governments are now taking – “bailing out” failed companies and massively increasing government spending – is what their long-term effects will be.
Those few commentators who worry about long-term effects tend to focus on the debt burden created by stimulus packages. But this is a trivial and short(ish)-term issue. If there is no structural damage to the economy, servicing these debts will be reasonably easy. A stimulus package would simply transfer wealth from the nation’s future citizens to its present citizens. And that does not constitute a net loss to the population.
Indeed, if the stimulators are right about the effects of their proposals on long-term GDP, even future citizens who bear the debt burden might be grateful for the transfer. Better to be rich with big but manageable debts than to be poor. These future citizens would be like people who had borrowed to get a medical degree.
The serious question about stimulus packages concerns not the short-term accountancy, not the details of jobs today and debt tomorrow, but the structural effects on economies. Are stimulus packages really like borrowing to get a medical degree or are they more like taking brain-damaging drugs to eliminate an acute headache?
The immediate structural effect of the bailouts, “green” subsidies and public works programmes that constitute the bulk of the “stimulus” will be to increase government’s role in the economy: specifically, in allocating resources to their various possible uses. .……….
In order to you study entire the article you select http://www.timesonline.co.uk/tol/comment/
columnists/guest_contributors/article6094001.ece
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4st Article
Preparing Kids for the Future Economy
By: Shoshana Zuboff
Wed Dec 19, 2007
Want your kids to be ready for tomorrow's workplace? Make sure they get some free, unstructured time.
How much thought have you given to developing a theory of your kids' future? According to the Kaiser Family Foundation's latest report, kids ages 8 to 18 spend an average of six hours daily with electronic media (mostly TV, followed by computers, then video games) and less than half an hour reading books.
If you think your kids' future is spelled out in The Matrix, then read no further. You have nothing to worry about. In fact, you'll probably want to join the pop-media chorus in praise of Steven Johnson's new book, Everything Bad Is Good for You (Riverhead, 2005), which praises, well, pop media. He posits that video games such as Grand Theft Auto teach kids how to deduce a subtle hidden architecture of rules.
But I don't want my children to spend their waking hours deciphering someone else's rules, like a clerk in a Kafkaesque bureaucracy. I want them to learn how to make their own. Pop media may be more complex and therefore more cognitively challenging than it used to be, but Johnson overreaches by crediting media's new complexity with raising IQ levels in the general population. That's like crediting Big Macs for the fact that people are generally taller than they were generations ago.
The alternative to marinating kids in TV and video games is not an easy call. Friends of ours, John and Florence, rebelled against the pop-media option with an approach shared by lots of parents and documented in Judith Warner's book Perfect Madness: Motherhood in the Age of Anxiety (Riverhead, 2005). By age 2, their daughter, Lydia, had a schedule of structured daily activities. Soon after, the lessons started: piano, French, fencing, and so forth. They wanted Lydia to have every advantage in the competitive climb. Lydia's sweet, but she's uncomfortable when there is "nothing to do." She'll declare, "I'm bored," while flipping on the tube. She waits for her folks to tell her what's next and then plows through the weekly schedule. When I ask her if she's having fun, she stares at me blankly.
While I don't agree that everything bad is good for you, Lydia's life reminds me that everything good can be bad for you. Flo and John haven't prepared her for the future but for today's workplace in which success and happiness depend on excellent performance according to prescribed criteria. This approach is making plenty of people miserable. According to the latest Conference Board report, only 14% of U.S. employees are very satisfied with their jobs; 25% say they're just showing up to collect a paycheck; and 66% say they can't identify with their employer's business objectives. Why get our kids ready for a world that's already in cardiac arrest? What will replace it?
Already we're seeing signs that the workplace of the future will bear little resemblance to today's centrally administered hierarchies. Work will be more ad hoc, on the fly, and responsive. Successful employees won't be afraid of new situations without rules. They'll be expected to use their knowledge, imagination, independent judgment, and critical thinking, while leveraging disparate resources -- from information to communities -- to construct the best solution that's aligned with core principles. The rapid and dynamic demands of problem anticipation, identification, and solution will put a premium on continuous learning.
So what does this mean for our kids? It means they should be self-managing independent thinkers as well as good empathizers and collaborators. Rather than constant external stimulation or structured activities, they need uncluttered time in which to let their imaginations unfurl. Kids well armed for this new world will benefit from immersion in the rights and obligations of teamwork and community endeavors, balanced with the self-expression that comes from learning how to write. Above all, this vision of the future calls for kids who are deeply literate, with all the sense-making capabilities that attend passionate reading. .
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5st Article
Global Macro EconoMonitor
The One Trillion Commercial Real Estate Time Bomb
Tyler Durden
Apr 26, 2009
Imminently, Zero Hedge will present some of its recently percolating theories about some oddly convenient coincidences we have witnessed in the commercial real estate market. However, for now I focus on some additional facts about why the unprecedented economic deterioration and the resulting epic drop in commercial real estate values could result in over $1 trillion in upcoming headaches for financial institutions, investors and the administration. When a month ago I presented some of the projected dynamics of CMBS, a weakness of that analysis was that it did not address the issue in the context of the CRE market's entirety. The fact is that Commercial Mortgage Backed Securities (or securitized conduit financings that gained a lot of favor during the credit bubble peak years for beginners) is at most 25% of the total commercial real estate market, with the bulk of exposure concentrated at banks (50%) and insurance companies' (10%) balance sheets.
But regardless what the source of the original credit exposure, whether securitized or whole loans, the core of the problem is the decline in prices of the underlying properties, in many cases as much as 35-50%. When one considers that with time, the underlying financings became more and more debt prevalent (a good example of the CRE bubble market is the late-2006 purchase of 666 Fifth Avenue by Jared Kushner from Tishman Speyer for $1.8 billion with no equity down), the largest threat to both the CRE market and the bank's balance sheet is the refinancing contingency, as absent yet another major rent/real estate bubble, the value holes at the time of maturity would have to be plugged with equity from existing borrowers (which, despite what the "stress test" may allege, simply does not exist absent a wholesale banking system nationalization).
The refinancing problem thus boils down to two concurrent themes: The first is the altogether entire current shut down in debt capital markets for assets, which affects all refinancing equally (for the most immediate impact of this issue see General Growth Properties which was not able to obtain any refinancing clemency on the bulk of its properties). The government is addressing this first theme through all the recently adopted programs that are meant to facilitate general credit flow. Readers of Zero Hedge are aware of our skepticism that these are working in any fashion, especially with regards to lower quality assets. The second theme is the much more serious and less easily resolved issue of the negative equity deficiency on a per loan basis, which is not a systemic credit freeze problem, but an underwater investment problem. This analysis focuses on the second theme. The reason for this focus is that there seems to be an unfortunate misunderstanding in the market that lenders will simply agree to roll the maturities on non-qualifying loans, and that the expected percentage of loans that need special lender treatment is low, roughly 5-10% of total loans. In reality the percentage of underwater loans at maturity is likely to be in the 60-70% range, meaning that refi extensions could not possibly occur without the incurrence of major losses for lenders.
In order to demonstrate the seriousness of the problem it is important to first present the magnitude of the refinancing problem. To quote from an earlier post as well as data from Deutsche Bank, and focusing on the CMBS product first, there are approximately $685 billion of commercial mortgages in CMBS maturing between now and 2018, split between $640 billion in fixed-rate and $45 billion in floating rate. The figure below demonstrates the maturity profile by origination vintage. As noted previously, vintages originated in the pre-2005 bubble years are likely much less "threatening" as even with the recent drop in commercial real estate values, the loans are still mostly "in the money".
As Zero Hedge has pointed out previously, the biggest CMBS refi threat occurs in the 2010-2013 period when 2005-2007 vintaged loans mature. These loans, originated at the top of the market, of which the Kushner loan for 666 Fifth Avenue is a brilliantly vivid example, have experienced 40-50% declines in underlying collateral values, and the majority will have material negative equity at maturity (if they don't in fact default long before their scheduled maturity). Of these loans, only a small percentage will qualify for refinancing at maturity.
At this point cynical readers may say: well even if all CMBS loans are unable to be rolled, it is at most $700 billion in incremental defaults. Is that a big deal - after all that's what the government prints in crisp, brand new, sequentially-numbered dollar bills every 24 hours (give or take). Well, the truth is that CMBS is only the proverbial tip of the $3.4 trillion CRE iceberg. To get a true sense for the problem's magnitude one has to consider the banks and life insurance companies, which have approximately $1.7 trillion and roughly $300 billion in commercial loan exposure.
Banks have $1.1 trillion in core commercial real estate loans on their books according to the FDIC, another $590 billion in construction loans, $205 billion in multifamily loans and $63 billion in farm loans. The precise maturity schedule for these loans is not definitive, however bank loans tend to have short-term durations, and the assumption is that all will mature by 2013, exhibiting moderate increases in maturities due to activity pick up over the last 2-3 years.
Adding the life insurance company estimate of $222 billion in direct loans maturing through 2018 per the Mortgage Bankers Association, increases annual maturities by another $15-25 billion.
In summation as presented below, the total maturities by 2018 are just under $2 trillion, with $1.4 trillion maturing through 2013.
Combining all sources of CRE asset holdings demonstrates the true magnitude of this problem. The period of 2010-2013 will be one of unprecedented stress in the CRE market, and a time in which banks will continue taking massive losses not only on residential mortgage portfolios but also on construction loan portfolios, the last one being a possible powder keg: Foresight Analytics estimates C&L loan losses at a staggering 11.4% in Q4 2008.
And the bad news continues: there is a risk that commercial mortgages will under-perform CMBS loans, and delinquency rates for bank commercial mortgages will be magnitudes higher than those for comparable CMBS. The figure below demonstrates the un performance of bank commercial mortgages: as of Q4 2008 the delinquency rate for CMBS was less than half of bank CRE exposure…….
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http://www.rgemonitor.com/globalmacro-monitor/256535/
the_one_trillion_commercial_real_estate_time_bomb
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