Tampilkan postingan dengan label Greek_Topics. Tampilkan semua postingan
Tampilkan postingan dengan label Greek_Topics. Tampilkan semua postingan

Senin, 23 Januari 2012

The Greece Iran Oil Connection

Greece Iran oil connectionAs the west prepares a steep set of sanctions geared to stifle Iran, Greece raises an important query. The debt laden Hellenes would like to know what will happen to their vulnerable economy if the nation’s preferable Iranian oil supply contracts are replaced with more costly sources? Furthermore, if its GDP is impacted as a result of the untimely action, causing it to fall short of qualifying thresholds for its foreign funding, would that be overlooked by its critical debt holders?

Greece expertOur founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Relative tickers: NYSE: NBG, NYSE: OTE, NYSE: CCH, NYSE: TK, NYSE: NM, NYSE: NNA, NYSE: NMM, NYSE: TNP, NYSE: OSG, NYSE: ISH, NYSE: EXM, NYSE: SB, NYSE: SEA, NYSE: GNK, NYSE: DSX, NYSE: DAC, NYSE: TNP, NYSE: SFL, NYSE: NAT, NYSE: SSW, NYSE: GMR, NYSE: DHT, NYSE: MPX, Nasdaq: DRYS, Nasdaq: TOPS, Nasdaq: EGLE, Nasdaq: SINO, Nasdaq: PRGN, NYSE: KSP, Nasdaq: ESEA, Nasdaq: SBLK, Nasdaq: ONAV, Nasdaq: VLCCF, Nasdaq: TBSI, Nasdaq: GLNG, Nasdaq: XSEAX, Nasdaq: ACLI, NYSE: DB, Nasdaq: ITUB, NYSE: STD, NYSE: WBK, NYSE: UBS, NYSE: LYG, NYSE: BCS, NYSE: CS, NYSE: AIB, NYSE: BLX, NYSE: BAC, NYSE: C, NYSE: GS, NYSE: JPM, NYSE: MS, NYSE: EEA, Nasdaq: VEURX, NYSE: PEF, NYSE: EKH, NYSE: GUR, NYSE: EPV, NYSE: VEA, NYSE: DFE, NYSE: DEB, NYSE: IEV, NYSE: RNE, Nasdaq: SERAX, Nasdaq: SERBX, Nasdaq: FEUFX, Nasdaq: FIEUX, Nasdaq: IERAX, Nasdaq: PBEUX, Nasdaq: UEPIX, Nasdaq: PEUGX, Nasdaq: RYAEX

The Greece Iran Oil Connection



It’s a fair question for Greece to ask with its economic growth already under drag by the austerity demanded by the International Monetary Fund (IMF) and its European brothers. Greece sourced a significant 14% of its imported oil from Iran in the first half of 2011, and has sourced up to 23% of its oil imports from its ancient counterpart at times. According to a Bloomberg article quoting an anonymous Greek diplomat, Greece wants to ensure that if that oil is replaced, it will receive identical terms, which exclude financial guarantees.

Under normal circumstances, such a condition would not even be considered, but while Greece is under the economic microscope of the IMF, it wants to avoid new obstacles to reaching already challenging goals set by its lenders of last resort. Thus, last week, Greece held up the EU’s sanctions which would stop the flow of Iranian oil to the region. Agitated European officials have indicated that assurances will be made to Greece, but that the details will be worked out after this week’s agreement on sanctions is in place. It’s unclear whether such hastily made promises will be adequate for Greek politicians who cannot afford to place a single new burden on the shoulders of Greece’s aggravated populace.

Given Greece’s poor credibility, it is unlikely to find better terms on the open market than it gets from its likewise desperate Iranian trading partner. So, the question posed to Europe is, will it subsidize the difference in cost to Greece? Otherwise, some leeway must be given Greece, with regard to the steep economic goals it’s been forced to set.

What we are seeing in this latest situation is similar to the chaos that ensued when the former Greek Prime Minister proposed a referendum for the Greek people to decide for themselves whether their future would be with or without the euro currency. It shows that Europe is no stronger than its weakest link, and that the Greeks have more bargaining leverage than most understand. Finally, Greek politicians seem to be realizing that Europe needs Greece to stay solvent as much as Greece needs its financial assistance. Clearly, the most obvious concern to Europe is how a disorderly disposition of Greece would reel Portuguese, Spanish and Italian debt markets.

The current situation also highlights the important position Iran holds in the stability of the already shaky global marketplace. As the U.S. and Europe gear to pressure the Iranians, the question raised by Greece presents Iran with interesting information. Every plan to cut off Iranian oil is civil and arranged to ease the process, but the situation is not civil, if it is not economic warfare. So I have a question: What if the Iranians were to realize the plan set for them and understand their current position. They might just do the unexpected and cut off their own oil flow abruptly, and so, disruptively to Greece, Europe and the civilized world. Perhaps Greece’s negotiations with the EU in this regard should have been kept in closed quarters.

Editor's Note: This article should interest investors in National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI), Deutsche Bank (NYSE: DB), ITA (Nasdaq: ITUB), Banco Santander (NYSE: STD), Westpac Banking (NYSE: WBK), UBS (NYSE: UBS), Lloyd’s Banking Group (NYSE: LYG), Barclay’s (NYSE: BCS), Credit Suisse (NYSE: CS), Allied Irish Banks (NYSE: AIB), Banco Latinamerican (NYSE: BLX), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Morgan Stanley (NYSE: MS), European Equity Fund (NYSE: EEA), Vanguard European Stock Index (Nasdaq: VEURX), Powershares FTSE RAFI Europe (NYSE: PEF), Europe 2001 (NYSE: EKH), S&P Emerging Europe (NYSE: GUR), Ultrashort MSCI Europe (NYSE: EPV), Vanguard Europe Pacific (NYSE: VEA), Wisdomtree Europe SmallCap (NYSE: DFE), Wisdom Tree Europe Total Div (NYSE: DEB), iShares S&P Europe 350 (NYSE: IEV), Morgan Stanley Eastern Europe (NYSE: RNE), DWS Europe Equity A (Nasdaq: SERAX), DWS Europe Equity B (Nasdaq: SERBX), Fidelity Europe (Nasdaq: FEUFX), Fidelity Europe (Nasdaq: FIEUX), ICON Europe A (Nasdaq: IERAX), Pioneer Europe Fund (Nasdaq: PBEUX), ProFunds Europe 30 (Nasdaq: UEPIX), Putnam Europe A (Nasdaq: PEUGX), Rydex Europe 1.25x (Nasdaq: RYAEX).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Phillip Phillips

Sabtu, 14 Januari 2012

Bad Signs for Greece

Greece default GreekThe latest days’ news wire has been full of bad signs for Greece. While you have to infer a bit and see implications to developments in order to say so, it’s not too far a reach to see what could be stewing for Greece this winter is not a warming trend.

Greek financial crisisOur founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Relative tickers: NYSE: NBG, NYSE: OTE, NYSE: CCH, NYSE: TK, NYSE: NM, NYSE: NNA, NYSE: NMM, NYSE: TNP, NYSE: OSG, NYSE: ISH, NYSE: EXM, NYSE: SB, NYSE: SEA, NYSE: GNK, NYSE: DSX, NYSE: DAC, NYSE: TNP, NYSE: SFL, NYSE: NAT, NYSE: SSW, NYSE: GMR, NYSE: DHT, NYSE: MPX, Nasdaq: DRYS, Nasdaq: TOPS, Nasdaq: EGLE, Nasdaq: SINO, Nasdaq: PRGN, NYSE: KSP, Nasdaq: ESEA, Nasdaq: SBLK, Nasdaq: ONAV, Nasdaq: VLCCF, Nasdaq: TBSI, Nasdaq: GLNG, Nasdaq: XSEAX, Nasdaq: ACLI, NYSE: DB, Nasdaq: ITUB, NYSE: STD, NYSE: WBK, NYSE: UBS, NYSE: LYG, NYSE: BCS, NYSE: CS, NYSE: AIB, NYSE: BLX, NYSE: BAC, NYSE: C, NYSE: GS, NYSE: JPM, NYSE: MS, NYSE: EEA, Nasdaq: VEURX, NYSE: PEF, NYSE: EKH, NYSE: GUR, NYSE: EPV, NYSE: VEA, NYSE: DFE, NYSE: DEB, NYSE: IEV, NYSE: RNE, Nasdaq: SERAX, Nasdaq: SERBX, Nasdaq: FEUFX, Nasdaq: FIEUX, Nasdaq: IERAX, Nasdaq: PBEUX, Nasdaq: UEPIX, Nasdaq: PEUGX, Nasdaq: RYAEX

Greece May Yet Default



The latest omen came last week, when negotiations broke off between the Greek government and private bondholders. The effort is geared to liquidate about half of Greece’s private debt or 100 billion euros worth at the cost of the bondholders. It’s a lesser evil choice for the bondholders, which is only acceptable because it may help preserve the remaining portion of their investment in or loans to Greece.

This very important effort for Greece’s recovery is now also a critical step for its short-term survival. This is because it must be accomplished in order for Greece to qualify for its next tranche of aid funding from the international community. Representatives of the bondholders stated that they were stepping away in order to “pause for reflection.” The quandary is created because of math and capital markets, as the Greeks are really seeking more than the 50% cut discussed, because the effective market value of the bonds will likely drop immediately when the bond swap takes place. That said, if Greece recovers, the contract value should be approximated by market interest.

Clearly, if Greece defaults, bondholders will be left with empty hands, so Greece does have some negotiating power. However, the bondholders also know that Greece wants to avoid default and that they are needed for that process. It seems to me that whatever will satisfy the IMF is what should be adopted at this point.

Compounding the problem, Greece just reported that its budget deficit expanded in 2011 by 0.8%, to 21.64 billion euros. It was a bit better than the government’s revised forecast, but its details reflect fundamental obstacles to Greece’s economic and fiscal recovery. Despite all the government’s new taxes to lift revenues, and its expense reduction efforts, the budget still widened. That was because personal income tax collection actually softened and its ordinary budget revenue generation fell by 1.7%. Meanwhile, despite its cost cutting efforts, spending rose by 2.8% on the significantly increased debt service costs that plague the embattled nation. There should be no surprise here for readers of my column, as I’ve argued readily against the logic of harsh short-sighted austerity.

The budget deficit is supposed to have shrunk to a smaller portion of Greece’s gross domestic product. How you get there with GDP declining and the deficit rising defies my understanding. Maybe it’s European math. In any event, there’s very little here to reassure the troika nor the capital markets that Greece is making progress, and so the pressure remains.

It seems to me, given Standard & Poor’s sovereign debt slashing of much of the euro zone Friday, that it is hedging if not forecasting Greek default or some sort of unsavory result. Nine countries were downgraded in total, with the most damage done to France and Austria, which lost their top grades. Germany was spared, with its constitutional construct cited as a safety against its government’s potential for making poor decisions.

This coming week, the IMF resumes debt talks with Greece, sending a “mission team” to Athens as part of the review process. All the above discussed matters will be reviewed. Perhaps the presence of the IMF and renewed understanding of the criticality of “private sector involvement” will bring a conciliatory and cooperative tone and progress for Greece. However, the signs are bad.

Editor's Note: This article should interest investors in National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI), Deutsche Bank (NYSE: DB), ITA (Nasdaq: ITUB), Banco Santander (NYSE: STD), Westpac Banking (NYSE: WBK), UBS (NYSE: UBS), Lloyd’s Banking Group (NYSE: LYG), Barclay’s (NYSE: BCS), Credit Suisse (NYSE: CS), Allied Irish Banks (NYSE: AIB), Banco Latinamerican (NYSE: BLX), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Morgan Stanley (NYSE: MS), European Equity Fund (NYSE: EEA), Vanguard European Stock Index (Nasdaq: VEURX), Powershares FTSE RAFI Europe (NYSE: PEF), Europe 2001 (NYSE: EKH), S&P Emerging Europe (NYSE: GUR), Ultrashort MSCI Europe (NYSE: EPV), Vanguard Europe Pacific (NYSE: VEA), Wisdomtree Europe SmallCap (NYSE: DFE), Wisdom Tree Europe Total Div (NYSE: DEB), iShares S&P Europe 350 (NYSE: IEV), Morgan Stanley Eastern Europe (NYSE: RNE), DWS Europe Equity A (Nasdaq: SERAX), DWS Europe Equity B (Nasdaq: SERBX), Fidelity Europe (Nasdaq: FEUFX), Fidelity Europe (Nasdaq: FIEUX), ICON Europe A (Nasdaq: IERAX), Pioneer Europe Fund (Nasdaq: PBEUX), ProFunds Europe 30 (Nasdaq: UEPIX), Putnam Europe A (Nasdaq: PEUGX), Rydex Europe 1.25x (Nasdaq: RYAEX).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

prayer requests

Sabtu, 10 Desember 2011

Greece's Ill-Advised Austerity Continues to Pain Greeks

Greece austerity politiciansYet more obvious alarms rang against the false wisdom of austerity this week, though sounding through the deaf ears of Greek and EU politicians. But the fat-headed false prophets will continue squeezing Greeks for as long as they’ll bear it, as creative expansionary economic ideas fail to reach their feta filled brain cavities, apparently the reserve tank for their globular bellies. Some will argue that there is no other way, given the thumb of the IMF and EU slave masters upon us. We argued otherwise in a recent article worth your notation, and an advised reading for those Greek politicians who think they have to eat whatever the troika serves them.

Greece blogOur founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Relative tickers: NYSE: NBG, NYSE: OTE, NYSE: CCH, NYSE: TK, NYSE: NM, NYSE: NNA, NYSE: NMM, NYSE: TNP, NYSE: OSG, NYSE: ISH, NYSE: EXM, NYSE: SB, NYSE: SEA, NYSE: GNK, NYSE: DSX, NYSE: DAC, NYSE: TNP, NYSE: SFL, NYSE: NAT, NYSE: SSW, NYSE: GMR, NYSE: DHT, NYSE: MPX, Nasdaq: DRYS, Nasdaq: TOPS, Nasdaq: EGLE, Nasdaq: SINO, Nasdaq: PRGN, NYSE: KSP, Nasdaq: ESEA, Nasdaq: SBLK, Nasdaq: ONAV, Nasdaq: VLCCF, Nasdaq: TBSI, Nasdaq: GLNG, Nasdaq: XSEAX, Nasdaq: ACLI, NYSE: DB, Nasdaq: ITUB, NYSE: STD, NYSE: WBK, NYSE: UBS, NYSE: LYG, NYSE: BCS, NYSE: CS, NYSE: AIB, NYSE: BLX, NYSE: BAC, NYSE: C, NYSE: GS, NYSE: JPM, NYSE: MS, NYSE: EEA, Nasdaq: VEURX, NYSE: PEF, NYSE: EKH, NYSE: GUR, NYSE: EPV, NYSE: VEA, NYSE: DFE, NYSE: DEB, NYSE: IEV, NYSE: RNE, Nasdaq: SERAX, Nasdaq: SERBX, Nasdaq: FEUFX, Nasdaq: FIEUX, Nasdaq: IERAX, Nasdaq: PBEUX, Nasdaq: UEPIX, Nasdaq: PEUGX, Nasdaq: RYAEX

Greece's Austerity Pains Greeks



This week, Greece reported unemployment at 17.5% for September. That was conspicuously improved from the 18.4% rate posted in August. Given that the data is not seasonally adjusted, you would expect the rate to have risen from the period more notable for tourism. Either Greeks have just got their priorities aligned differently than Americans, and chose to enjoy their time off in August (highly likely), or they’ve migrated throughout Europe in search of work. That would fit the increase in the euro zone unemployment rate for the same period, up to 10.2% in September from 10.1% in August. Perhaps Greece is exporting unemployment, something supported by data that follows here below.

Other economic data reported this week for the third quarter indicate a remarkable drop in economic activity. Obviously, the greatest driving factor for that is the loss of confidence in Greece tied to what seems an increased risk of a disorderly ejection from the euro zone. That same concern has driven long-term Greek debt yields to 32% (on 10-year bonds). The latest economic data showed Investment contracted by 15.2% from last year to 6.5 billion euros; private consumption fell by 5.5% to 33.7 billion euros; public consumption slipped 3.9% to 8.5 billion euros; wholesale turnover disintegrated by 10.9%; and imports fell by 4.3% to 14.2 billion euros. Only exports grew in the third quarter, rising 3.2% to 13.8 billion euros. Though I have to wonder whether exports included unemployed Greeks seeking work or the sales of used furniture and treasured family heirlooms across the border via eBay (Nasdaq: EBAY).

Given the latest economic destruction depicted in the third quarter data, Greece will likely fall short of its expectations for 5.5% GDP contraction this year. According to the Hellenic Statistical Authority (ELSAT), gross domestic product shrank 5% in the third quarter. For the year-to-date, Greece is short some 6.9% against the prior year. Based on a range of analysts’ expectations for 2.5% to 3.5% contraction in Q4, Greece is more likely to show GDP contraction of 6% for the year.

This, of course, means that Greece’s revenue projections are overstated, not to mention undermined by austerity. Therefore, its budget deficit is likely to again prove unsatisfactory to its troika of slave masters. Without a revelation of common sense among politicians, this event should propel the unholy death spiral that torments Greeks further with new impetus for more austerity in 2012. That is unless Greek and European politicians realize what students of the Great Depression already understand clearly, that times of economic strife are precisely wrong for budget controls including higher and/or new taxes. What Greece needs is an extended time span to achieve a better budget. Through a moderate implementation of less aggressive austerity, it could achieve a long lasting improvement that would also be digestible by its populace, and thus feasible.

Editor's Note: This article should interest investors in National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI), Deutsche Bank (NYSE: DB), ITA (Nasdaq: ITUB), Banco Santander (NYSE: STD), Westpac Banking (NYSE: WBK), UBS (NYSE: UBS), Lloyd’s Banking Group (NYSE: LYG), Barclay’s (NYSE: BCS), Credit Suisse (NYSE: CS), Allied Irish Banks (NYSE: AIB), Banco Latinamerican (NYSE: BLX), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Morgan Stanley (NYSE: MS), European Equity Fund (NYSE: EEA), Vanguard European Stock Index (Nasdaq: VEURX), Powershares FTSE RAFI Europe (NYSE: PEF), Europe 2001 (NYSE: EKH), S&P Emerging Europe (NYSE: GUR), Ultrashort MSCI Europe (NYSE: EPV), Vanguard Europe Pacific (NYSE: VEA), Wisdomtree Europe SmallCap (NYSE: DFE), Wisdom Tree Europe Total Div (NYSE: DEB), iShares S&P Europe 350 (NYSE: IEV), Morgan Stanley Eastern Europe (NYSE: RNE), DWS Europe Equity A (Nasdaq: SERAX), DWS Europe Equity B (Nasdaq: SERBX), Fidelity Europe (Nasdaq: FEUFX), Fidelity Europe (Nasdaq: FIEUX), ICON Europe A (Nasdaq: IERAX), Pioneer Europe Fund (Nasdaq: PBEUX), ProFunds Europe 30 (Nasdaq: UEPIX), Putnam Europe A (Nasdaq: PEUGX), Rydex Europe 1.25x (Nasdaq: RYAEX).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Selasa, 06 Desember 2011

Heaven's Tears

New York City Greek Americans"Happy name day, my son," my mother had wished me. She had called me at work on December 6th in 1990. She had gone to church on Saint Nicholas' name day. "There look like tears on the Icon of the blessed Holy Mother," she softly added.

I should have put more importance into what she had just said, but didn’t. We only talked for a little while longer. We would see each other at the annual church dance this coming Saturday. Bertha Zaharakos Philoptochos St. Constantine and Helen Church BrooklynMy mother was the President of the Philoptochos Society (Friends of the Poor) and I was on the Board of Trustees of the Saints Constantine and Helen Cathedral in Brooklyn Heights. I had been living in Manhattan since 1982, after moving out of my parent’s house in Brooklyn a year after my father had passed away. I had joined the Board of Trustees to keep a promise that I had made to my old Sunday school teacher, Mr. Zymaris. It was his widow, Catherine who had nominated me. I certainly enjoyed attending the majestic Byzantine church where I had received the baptismal sacrament. The board meetings were another matter. They would start late and end late. At times, I would find myself riding the subway at one o’clock in the morning during a weekday. My fellow board members were for the most part a lovable lot. They were also a typical bunch of unorganized Greek men. This next Saturday night I would have been far happier to be walking to a museum or art exhibit than traveling by train to a dance that I’m sure would have music that was too loud as the main feature. That’s why I pay an exorbitant rent for a studio apartment in Manhattan; to take advantage of the infinite cultural opportunities available on this small island. My reluctance to going was overcome by the fact that I would be seeing my mother. I was also one of the co-chairmen for the dance journal and I wanted to see how the publication was received. The community was honoring Nicholas Vassilakos a venerable son of one of the 1913 church founders.

The affair was to be held at the Hollywood Terrace Catering Hall in the Bensonhurst section of Brooklyn. It wasn’t that I was consciously aware of trying to get there late, but I did. I even took the wrong train and ended up having to walk a number of extra blocks. I reflected on the one time that I had thought I saw tears on the countenance of the Virgin Mary. Costas Sklitsis, a perennial board member had asked me to help a young girl of about twelve years old to light a large candle in front of the Holy Mother at the iconostasis. She was about to turn back after lighting the candle that I had placed in the candle stand. For some reason I uttered one word and that was “pray!” She made the sign of the cross after making her supplication. I followed her example and then I found myself transfixed by what I thought were a stream of tears. For what felt like an eternity I examined the beautiful Icon to see if the light was playing a trick on my eyes. It didn’t seem that way but I kept what I saw to myself in hopes that others would see it too. My mother’s conversation had revived the memory.

As I continued my walk, I remembered going by a main thoroughfare, and being unsettled upon noticing that all the stores had metal shutters completely blocking any chance of window viewing. Only a few homes had any light decorations for the upcoming Christmas Holiday.

It was after nine-thirty when I finally entered the floor-to-ceiling glass lobby of the Hollywood Terrace. Gus Trataros, a vice-president on the board, came out of a door and told me that my mother was looking for me. The seating chart had me assigned to table number 12. I entered the darkened dance hall. At first, I was disorientated because of the din. Somehow I managed to find my sister, Toni. She told me that my seat had been given away. I had a sip of a scotch sour given to me by the moonlighting bartender who by strange coincidence happened to have worked with my younger brother Peter at Macy’s Flatbush in the electronics department years before (NYSE: M). I muttered that, “I didn’t need this,” about losing my place.

Then it happened!

There was a commotion on the dance floor behind me and to the right. The music stopped. “Nick, it’s your mother!” I heard the voice of Betty Xanthos say clearly. Betty had also been a President of the Philoptochos Society at one time; she and my mother were best friends for many years.

There was my mother lying on the dance floor not breathing at all. Teddy Nicholoudis, one of the few young members of the church board, immediately started to give her mouth-to-mouth resuscitation. I heard somebody yell that an ambulance was called. I got on my knees and took over from Teddy, trying to breathe life into my mother. We even tore away her blouse and other things, in hopes that, that would help. I was acting by instinct only. At one point I stood up and I could see across the hall to the dais. His Grace Bishop Philotheos appeared as if he was bearing the weight of the world as he offered the most compassionate silent prayer humanly possible. When the ambulance finally came and they were preparing mom for the hospital, I turned to Peter Rogakos. I clutched his arm and I said, “We’re Greeks, we will get through this.” Peter had lost his mother at a very young age and in only a few years his younger brother, George, would die in a construction accident. I also remember that Elias Seremetis handed me a strong drink to brace for the ordeal to come.

Toni and I followed the ambulance to Maimonides Hospital. They admitted our mother in the emergency ward. She hadn’t regained consciousness. We answered the many questions from the attending doctor, letting him know that mom suffered from high blood pressure and that she was taking medication for it. I started calling my brothers and other sister to let them know what had happened. It was a long night. The diagnosis was an aneurysm.

I had been down this road before, with my father. He had a stroke while I was still living in Brooklyn. The day before I had gone fishing and the only thing I caught was a cold. I stayed home from work that day and was awakened by my mother’s cries. “Wake up Stavros, please wake up!” My father was taken to Kings County Hospital. When he came home he was confined to the hospital bed that we had put into the first floor living room. He never really recovered. He lived barely long enough to see his first grandson, Nicholas, who is also my Godson. I thank God to this day that my parents had seven children because you need that many shoulders and even more to help in times of crisis. You fall into a routine of taking turns at their bedside. When my father had his relapse he ended up in Caledonian Hospital. The afternoon of my father’s last day, I was in his room when the nurses chased me out because the monitors that he was hooked up to indicated that something was terribly wrong. He passed away in a matter of minutes. I waited outside the hospital for my mother and prevented her from going up. “Mom, now, he’s with the others, remember him as he was.”

We had many visitors to the room that she shared with two other patients; there was a petite Irish Lady in her nineties that was recovering nicely from a broken hip, and an elderly Orthodox Jewish man that had been on life support for a long time. His devoted daughter constantly attended to him. Two visitors stand out in my memory. Eva Tsikis, she could have been the younger sister that my mother never had. She was also short and feisty just like mom. Eva told me that her daughter, Maria was in a coma for many days and that she had prayed to the Holy Mother for help. Her daughter made a miraculous recovery. One night while I was in the room with Mom a woman wearing a badge entitled, Catholic Charity Visitor, approached mom’s bed. At first I had tried to shoo her away by saying that, “we are not of your faith,” but then I took a second look at her and her nametag.

“Mary Ann McCabe, is that you?”

"Is that Bertha?"

The McCabe’s were our next-door neighbors on East 23rd Street. Mary Ann’s husband Frank was a fireman. Every time I went to Brooklyn to see my mother, I would look at the tree that he had planted in front of his home. It always brought a smile to see that it was gradually growing taller. They had moved out of the neighborhood about ten years ago but somehow kept in touch with everyone. Now, all the neighbors that had left East 23rd Street found out about Mom. We had visits from the Bambara’s, Spencer’s, and Rubinate’s. The Galletes, a family from Haiti that shared a common driveway on the other side of ours was very supportive. It gave me a warm feeling to remember that Dad when he retired took their son Fritz on his first fishing trip out of Sheepshead Bay just like he did for all his seven children. Mom had treated their Daughter Paula to McDonald’s one time (NYSE: MCD). She enjoyed relating that Paula was thoughtful about her choices so as not to have mom spend too much money.

Because of my mother, my brothers had returned to the large house on East 23rd Street. There was Michael from Grand Rapids, Peter from Pennsylvania, and Jimmy from nearby Queens. At that point, only John and Toni were still living at home. My younger sister Elena also had her own apartment in Hoboken, New Jersey.

The next Saturday afternoon before going to the hospital, I first called home for an update on mom’s condition. Jimmy answered the phone and told me to get to the hospital as fast as I could. I didn’t ask for any details because in my heart I didn’t expect my mother to recover. I simply felt that she was going through the same ordeal that her husband had suffered. When I arrived at Maimonides, Peter standing outside my mother’s room met me. “Nick, sit down,” he said while pulling over a worn wooden backed wheelchair used by patients who are somewhat ambulatory, for trips to X-rays or just sitting in the hallway.

“John has also suffered an aneurysm; it happened this morning. They have him in the emergency room now.” Before Peter could finish these words, I had fallen back into the chair, in disbelief. I listened silently as my sisters explained what had happened.

“John was down in the basement bathroom, and was shaving when we heard him cry, ‘Oh no!’ He had collapsed wedging the door shut. Luckily, Jimmy and Michael were home. They almost had to break down the door to get him out. God bless those two Emergency Medical Service women. They at first wanted to transport John to Kings County Hospital because it was the closest. We begged them to bring him here because of mom, and those angels did.”

Saturday night at a city hospital is usually the worst time and place to view humanity. Many of the injuries are the result of people doing things they shouldn’t or wouldn’t normally be doing. A teenage gang member was brought in draped over the shoulder of one of his companions. Within half an hour he was kicking the walls and doors after recovering from an obvious drug overdose. I was grateful when he ran out of the hospital.

When I finally got in to see John in the emergency room bay they had him on a stretcher in the hallway. He was conscious and talking, but his replies were not making any sense. The aneurysm had affected his speech, but his vital signs were stable. I stayed with him until they had finally had a semi private room for him. Father Calivas had been our priest throughout our boyhood at Saints Constantine and Helen. He had given John and his best friend Chris Sofronis each a silver cross for their service as altar boys. Before I went over to Vietnam in 1969, John had given me his cross for protection. I placed it back into his hands before they wheeled him away to his room.

So, while the rest of the world was preparing for Christmas, we were holding a vigil for our mother on the second floor and visiting our brother John on the fourth floor at Maimonides. We were shown every kindness. Many of the Philoptochos ladies came to the hospital. Fay Anton, a long time member, arranged for Bishop Alexios to hold a service with the family members at the church. This pious hierarch led us in a prayer for God’s will.

One Sunday I went to church to light some candles before going to visit mom and John. It was comforting to breathe in the fragrance of incense and wonderful to witness the faith of two millenniums being practiced by the children and grandchildren of immigrants. My quiet reflection reached a new level of peacefulness when I noticed that standing next to Eva Tsikis was her daughter Maria. This was the young girl that I had accompanied to the Icon of the Holy Mother at the iconostasis. Then I knew that all would happen according to God’s plan not that of man.

John had a successful operation to clip the aneurysm. My mother’s condition hadn’t changed. On December the 22nd, the Irish Lady’s son was there to take him home. He gave me the saddest smile of compassion as we parted. As usual, I stood over my mother’s bed for a while to pray and to whisper to her, that I loved her before going home.

The air was crisp, and the sky was clear that early winter night as I waited on the deserted elevated subway station for the long train ride back home. Below me, I could see Hasidic men in their old world dress talking to each other. I didn’t get back to the apartment until late. I had just finished eating some supper when I started to shiver. Across the blank wall I was facing, a shadow moved. It had no form. But, If, I had to give it a description, I would have to say it made me think of a bird alighting on to a tree.

My sister Elena called within five minutes and announced in a tired voice, “mommy has passed away.”

John was progressing, though I have to admit that for the first few days after his operation he had the scars of Frankenstein across his head. We decided that it would be unfair for him not to be told about his mother. We broke the sad news to him as gently as we could. He accepted it quietly.

At that time, Jimmy had the only grandchildren of our parents. That Christmas was shared only by giving gifts to little Nicholas and Christina. We felt that mom would have wanted it that way.

Mom was waked after Christmas. The weather changed; it became windy with a coating of snow covering city streets. Demetra (Sheila) Kioskerides, the church secretary and a convert to the Orthodox Faith, offered a sweet gesture to my mother’s memory. On mom’s lavender colored blouse she had pinned a small golden medallion; World’s #1 Mom. At her funeral, Father Kile was assisted by two other Archimandrites. I am sure that his Grace Bishop Philotheos arranged for this extra expression of respect.

Nick Zaharakos' parents Stavros and BerthaDespite the slippery roads and falling snow, her companions from the Philoptochos Society were very much in evidence. Quite a few ladies also risked the journey to Cypress Hills Cemetery. I remember Eleni Sofronis, Chris’s wife and Stella Nicholoudis, Teddy’s sister were kind enough to pay their respects. At the gravesite, umbrellas were needed to ward off boughs of snow, wind-shaken off the pine tree by her final resting place with her husband, Stavros. It was as if Mother Nature and mom were working together to shorten our time of grieving at the cemetery.

That New Year’s Eve, I went back to my mother’s house on East 23rd Street. John was still in the hospital. 354 East 23rd Street was the Promised Land to my parents. It was their first real home after we moved in 1967 from the railroad flat apartment that we had on Midwood Street. It had eleven rooms, stained glass windows, parquet floors, and a garden in the front and back.

I had read in the New York Times that there was supposed to be a Blue Moon this night (NYSE: NYT). It is named for the second full moon that occurs in the same calendar month. The paper also had explained that the expression, “Once in a Blue Moon,” has come to mean only on rare occasions.

As the midnight hour approached I was sitting at my mother’s favorite place; a sturdy chair with arms, at the end of the dining room table. I had a window view of the back garden. It was a crystal clear night. The full moon was very visible through the barren branches of the old chestnut tree. The stars were like tears in the heavens. I could hear the beginnings of celebrations in the distance. I was about to turn away in despair, but I also noticed something else in that night sky—it was the sky itself.

It was a particular blue, a cobalt blue just like the color of the bottle of perfume that I remember that my mother kept all by itself in the center on the top of her bureau when we lived at Midwood street. My father worked two and sometimes three restaurant jobs to put food on the table for his children. We were going through 12 quarts of milk a day then. On rare occasions, when he didn’t have to work on a Saturday night dad might take mom to a movie on Flatbush Avenue. She would splash herself with this perfume, and its fragrance would remain in the air for a while after they had left together. For the longest time I had thought that An Evening in Paris, must have been very expensive. Toni set me straight one day. “It’s the cheapest stuff at the 5 and 10.” Somehow, someway that thought brought me out of my melancholy mood.

I started to sum up my mother’s life and the intense experiences of recent days. My mom had a father who became fond of drink and an uneducated mother. They took her out of high school. “You’ll get married and will have children; you work in the restaurant until you do.” She was beaten for letting a pot of soup burn because she had become so engrossed in a Zane Grey western novel. She married Stavros when they had less than twenty-five dollars between them. They had seven children in quick succession. She had the courage to throw dirty dishwater on a group of toughs shooting craps beneath our kitchen window on Midwood Street. She had the tenderness to place my feet that were frozen from playing football in the snow to her belly until they were warm again. She loved to dance. Yes, mom was short and even chunky, especially in her later years, but she was so unbelievably graceful when dancing the Greek dances.

My mother was certainly a person in her own right. I remember her zaniness of doing bicycles on her back in her cotton pajamas to the instruction of Jack Lalane on the television. I remember the time I pretended that I didn’t know her. That is when she carried the lit Resurrection Candle in a lantern on the subway after Easter services. She had a “secret vice,” of tucking away Milky Way candy bars in the freezer as a special treat when she needed a pick-up. I can still see the glow in her eyes when she would often relate; “During the Great Depression some big Irishmen from the Democratic Party made sure that all the poor families in the neighborhood had a Thanksgiving Dinner with all the trimmings.” Mom liked to instill her principals; “people judge you by the company you keep,” I think was her favorite.

When I returned from the army in 1970, I started to go to Brooklyn College at night. I first took some liberal arts classes and told mom that I thought that there were some courses that she might enjoy. However, she needed a high school diploma to attend college. She took and passed the G.E.D. exam for high school on her first attempt. The family joke became; that when I was small she would take me to school and now that I was big, I was taking her. She started to be nicknamed “the professor,” by her husband. She kept at it though and when she was in her sixth decade; I went to her cap and gown graduation. I know in my heart that one of her proudest accomplishments was to be elected president of the Philoptochos. Now, she could help others, especially children.

I went outside to the back garden. I looked up at the cobalt blue night sky to the full moon and the stars. Something else about mom came to mind. Countless times as a little boy, as I am sure little children do, I asked her; “mom who do you love the best?” No matter how tired or preoccupied she might be, her answer never wavered.

“I love all my children equally.”

One last time I gazed up at the eternal heavens, before going back inside. God has given us many wondrous gifts, none as precious as the bond between a mother and her children.

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Wall Street blog

Senin, 05 Desember 2011

Greece has More Bargaining Leverage than its Politicians Understand

Greece bargaining leverageWhen former Greek Prime Minister Papandreou proposed a referendum for the Greek people to decide on whether to accept continued austerity and the “grand barter” agreed to by Greece’s new troika of slave masters, we learned something. As European bond yields went soaring from Spain across to Italy and even up to France, and as European kingpins arms went flailing up into the air in complaint, something became plainly clear. Greece has more bargaining leverage than its politicians understand.

Greece blogsOur founder, Markos Kaminis, earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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Greece has Bargaining Leverage



What is unclear is whether he knew what he was doing or not, but the former Greek PM was ridiculed across the American popular press and across Europe for his ignorant, if not negligent action. Though, we questioned within these pages whether it might be pure genius or simply his soft heart at work behind the untimely and completely unexpected political posture. We also wondered if the respected legend of Greek politics might even be reading our column, considering that we had suggested Greece’s politicians ask Greeks what they wanted just days before Papandreou’s so-called shocking proposal.

How the move will work out for PASOK in February remains unclear, but I would assume the sacrifice of Papandreou will save some seats in Parliament. It even gives PASOK a chance at the premiership, something that was highly improbable otherwise. But more importantly, we should take note of the reaction of Greeks, which was one of introspection; of the markets, which was catastrophic; and of the look in the eyes of European leaders, which was one of fear.

Greeks suddenly had to approach the situation from the perspective of the nation on the whole, for turning down foreign aid and turning away from austerity measures would also lead to Greece’s disorderly exit from the euro zone. That’s not something that even the hardest hit of Greeks are sure would be in Greece’s best interests. The result of this might perhaps lead an unemployed Greek to a café to think deeply about the issue, rather than to start fires at the steps of the Parliament.

The markets were shocked, with debt yields across other at-issue European states soaring just days after all seemed finally set straight. The markets anticipated an even more serious loss of confidence in the European Union and in the euro zone. After all, if the EU could not cure Greece, due to the interests of Greeks, then perhaps the same result would follow in Spain and Italy, and if Italy, then why not also France. That reality set European politicians straight, so to speak, and allowed us to see clearly that the great homeland of our ancestors did not have to just accept whatever proposals the stern troika declared at us. Indeed, Europe has a stake in Greece, and in keeping it intact in the euro zone.

Therefore, Greek politicians have been grossly underestimating their bargaining position with the troika. The constricting austerity measures shoved down the throats of Greeks do not have to be so burdensome to our economic sustenance, nor to growth. We have the power to demand a longer time-line to meet debt level goals and repayment requirements. We can experiment with creative, growth encouraging policies, and ease austerity on our nation to correct its inherent flaws in a manner less disruptive to a way of living embedded in today’s society. Therefore, social upheaval could be mitigated, and Greece could find a way out of this mess with its integrity intact and the finances of its people in existence. I suggest Greek politicians reconsider, and realize that they hold a stronger hand than they’ve been told. They should reweigh the fact that there is a consistency of Greece’s goals with those of the troika, the greatest of which is to keep Greece within the euro zone.

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Greek events December 2011

Senin, 21 November 2011

Papademos on a Stick

Lucas Papademos Greek Prime Minister PM George PapandreouIt seems Greeks are coming to grips with the reality that their new leader, Lucas Papademos, may offer a different face to watch on television, but he comes with even stauncher support of the troika’s austerity medicine than the embattled George Papandreou. Indeed, the European Union’s man and once #2 at the European Central Bank (ECB) has openly stated that exit from the euro zone is not an option. Well, Greeks are learning that this means the austerity forced down their throats is also not clearing out. So, it seems, it may not be long before the popular support for Papademos turns out to actually be a sort of marinade.

Greek blogOur founder Markos Kaminis earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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A Political Sacrificial Lamb



Political jockeying ahead of a likely February election has Greece’s new Prime Minister, Lucas Papademos, being held out on a stick like a souvlaki cooking over the fires of Greek rioters, the IMF and Greece’s European brothers. Papandreou’s referendum concession was either a show of pure stupidity, unequivocal ethical heart or political genius. From the political perspective, Papandreou’s calling on the Greek people to decide whether to go forth with the European plan, and thus accept austerity and also ongoing euro zone membership, forced Greeks to take a second look at the situation and also at the PASOK Party. His stepping back has placed PASOK into a position that allows for potential reconciliation come election time.

New Democracy, not missing a beat and with its eye on February, has been publicly promoting an idea to ditch the digging austerity plan and to instead take a sort of American Republican approach to promote economic growth and trust in trickle-down economics; though the Greek version might look more like Chios mastic’s slow and painful ooze down a dry bark. The other, more radical parties are of course offering more radical solutions.

Needless to say, the political commotion has the troika terrified that tranches of capital dished out to Greece between now and February might end up wasted, sort of like how Zorbas spent his boss’ supply money on drink and women. So the IMF is refusing to dole out any more funds before a pledge is signed by the major political parties, if not all of them, to keep on the path outlined. That path, for Greeks, has been relayed as including the implementation of all already passed austerity measures, but the introduction of no new burden upon them.

So, it would seem Papademos is cooking like a souvlaki on a stick, and it would appear Greeks will have their kabob well done by February. The current popular support of him is thus near certain to turn to a lynching party, with the technocrat set to burn at the stake. Both New Democracy and PASOK are more than willing to step away now to allow the Greeks to pepper up Papademos, get their fill of him, and offer sweet dessert to them in February. But the sugar for that dessert must be acquired now from German and French patisseries.

The lesson long forgotten but to be learned anew is for governments across the globe. The lost wisdom is that the mismanagement of the people’s money results in uprising. The people will turn everything upside down and start all over again before they will bear the pain for the mistakes of faulty leadership.

Editor's Note: This article should interest investors in National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI), Deutsche Bank (NYSE: DB), ITA (Nasdaq: ITUB), Banco Santander (NYSE: STD), Westpac Banking (NYSE: WBK), UBS (NYSE: UBS), Lloyd’s Banking Group (NYSE: LYG), Barclay’s (NYSE: BCS), Credit Suisse (NYSE: CS), Allied Irish Banks (NYSE: AIB), Banco Latinamerican (NYSE: BLX), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Morgan Stanley (NYSE: MS), European Equity Fund (NYSE: EEA), Vanguard European Stock Index (Nasdaq: VEURX), Powershares FTSE RAFI Europe (NYSE: PEF), Europe 2001 (NYSE: EKH), S&P Emerging Europe (NYSE: GUR), Ultrashort MSCI Europe (NYSE: EPV), Vanguard Europe Pacific (NYSE: VEA), Wisdomtree Europe SmallCap (NYSE: DFE), Wisdom Tree Europe Total Div (NYSE: DEB), iShares S&P Europe 350 (NYSE: IEV), Morgan Stanley Eastern Europe (NYSE: RNE), DWS Europe Equity A (Nasdaq: SERAX), DWS Europe Equity B (Nasdaq: SERBX), Fidelity Europe (Nasdaq: FEUFX), Fidelity Europe (Nasdaq: FIEUX), ICON Europe A (Nasdaq: IERAX), Pioneer Europe Fund (Nasdaq: PBEUX), ProFunds Europe 30 (Nasdaq: UEPIX), Putnam Europe A (Nasdaq: PEUGX), Rydex Europe 1.25x (Nasdaq: RYAEX).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Greek restaurants NYC

Minggu, 13 November 2011

The Greek Films of 2011 Reflect the Day's Greece

film criticWhile Greece struggles with psychic and economic woes, young film-makers are creating art out of adversity. Witness New York City’s Fifth Greek Film Festival 2011. The films were bitter, shocking, controversial, experimental, original, dynamic, awash in tragedy and black humor. The overly sentimental and vapid Gold Dust turned us off, but we thrilled to the Greek neo-noir of Tungsten and Knifer, as well as the risk-taking, sad kookiness of Attenberg. Says actor Vangelis Mourikis, who performed in all three films: “Film has come out of the studios and into the streets to deal with real life and the issues that are hot. Attenberg is a film of the streets because it’s part of the new reality.”

Greek Films of 2011





AttenbergAttenberg
The controversial Attenberg, Greece’s entry for Best Foreign Film Academy Award nomination opened the festival. The quirky, anomalous film from talented director Athena Rachel Tsangaris refuses to offer comfort and joy. Re the title Attenberg: the nature documentaries of Sir David Attenborough inspire the characters who occasionally imitate animals.

In Attenberg, we encounter a tender, fatalistic father suffering from terminal cancer. Played by Vangelis Mourikis, the dad is the warm, beating heart of the film. “I’m boycotting the 20th century,” the father says. “I’m an old atheist, a toxic remnant of modernism. I’ll leave you in the arms of a new century without having taught you anything.” He also comments re the new Greece: “We built an industrial colony on top of sheep pens and thought we were creating a revolution.”

Ariane Labed portrays his daughter Marina, 23. She becomes her dying father’s friend and only support. It’s a coming-of-age film skewed to love and death. Sex forms the text and subtext of this film. With her father’s encouragement, the virginal Marina seeks a sexual encounter with a young man played by Yorgos Lanthimos, the director of last year’s Dogtooth.

At the end, the camera holds on a wasteland. You could be on the moon, but it’s Greece. Attenberg will be released in the USA by Strand in 2012.

Actor Mourikis, Attenberg’s father, in New York in conjunction with the festival, talked with Wall Street Greek. His distinctive, expressive face, with the huge black eyebrows draws you to the screen. It’s a Greek face, Zorbaish even. The actor’s in love with film, to the point of turning down theatre and TV roles. With forty films to his credit, Mourikis says: “The mythical world exists only in film, on the big screen. You can lose yourself in a film. It’s a different dimension, like drugs without drugs!”

Mourikis grew up in Athens where his father, a film buff, early on took him to the movies. “I would yell back at the screen.” He went to Australia to study film, and has also lived and worked in England and Italy.

Mourikis appeared in three films at the festival, including Tungsten, and says: “I die in most of my films at the end. I like it!”

TungstenTungsten
Tungsten’s fabulous in so many ways, from its characters to its black and white cinematography. It’s a day in the life of disparate Athenians: a ticket tram inspector, played by Mourikis, a job recruiter, two young slackers – one half-heartedly looking for a job, the tram inspector’s wife, and the recruiter’s girlfriend. Tungsten takes its title from the metal with the highest boiling point, as it portrays characters burning with rage and frustration. Drenched in irony, the film moves to the beat of city life.

Trapped in no-exit lives, the characters make tragic wrong choices. One young slacker applies for a job. He’s interviewed by an impatient recruiter. Later we see the recruiter being browbeaten by his boss. Having a boring repetitive position can be almost as bad as not having a job! Director George Georgopoulos has a degree in sociology as well as film and it shows; the young director shows a keen insight into social structures and the dilemmas of Greece’s urban dwellers.

The director made the film for 5,000 Euros, or $6,000 with the agreement that all involved would share in the profits. Says Georgopoulos, “Tungsten’s an honest little film. I wrote, directed and edited the film.” As for Tungsten’s tragic conclusion, he admits: “I couldn’t have done it any other way. It wouldn’t be me!”

The film mirrors Athens today. But Georgopoulos began writing the script “during the Olympics, when Greece seemed like the center of the world.” Commenting on Athen’s young film-makers, Georgopoulos told Wall Street Greek: “We know each other and there’s a special energy. There’s a very collective spirit here.”

KniferKnifer
In Knifer, an angry, possessive, paranoiac husband keeps two black dogs for protection. Suspecting his neighbors of threatening himself and his dogs, he hires his nephew Nikos to watch the dogs. Nikos moves in a torpor, a creature who lives to eat and sleep, his eye-lids at half-mast. It takes Aleko’s sexy wife, Gogo, to snap Nikos awake. While Aleko walks his dogs at night, his nephew and wife, the predatory Gogo, engage in raw, desperate sex. It’s sad, funny and evokes our compassion as we see the brutish Aleko traveling into the dark.

In black and white, Knifer takes us inside a bleak Athens, a nowhere place with empty people knocking against each other. After stabbing his uncle to death, Nikos calms himself sitting on the edge of the bed in a rented hotel space and eating a huge bag of chips.

Knifer is cynical and rampant with black humor. It won seven Hellenic Academy Film Awards, including for best director and cinematography. Director Yannis Economides says it reflects the “dog eat dog life.” Knifer has a web site that offers a fascinating interview with the director.

Editor's Note: This article should interest National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI), Deutsche Bank (NYSE: DB), ITA (Nasdaq: ITUB), Banco Santander (NYSE: STD), Westpac Banking (NYSE: WBK), UBS (NYSE: UBS), Lloyd’s Banking Group (NYSE: LYG), Barclay’s (NYSE: BCS), Credit Suisse (NYSE: CS), Allied Irish Banks (NYSE: AIB), Banco Latinamerican (NYSE: BLX), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Morgan Stanley (NYSE: MS), European Equity Fund (NYSE: EEA), Vanguard European Stock Index (Nasdaq: VEURX), Powershares FTSE RAFI Europe (NYSE: PEF), Europe 2001 (NYSE: EKH), S&P Emerging Europe (NYSE: GUR), Ultrashort MSCI Europe (NYSE: EPV), Vanguard Europe Pacific (NYSE: VEA), Wisdomtree Europe SmallCap (NYSE: DFE), Wisdom Tree Europe Total Div (NYSE: DEB), iShares S&P Europe 350 (NYSE: IEV), Morgan Stanley Eastern Europe (NYSE: RNE), DWS Europe Equity A (Nasdaq: SERAX), DWS Europe Equity B (Nasdaq: SERBX), Fidelity Europe (Nasdaq: FEUFX), Fidelity Europe (Nasdaq: FIEUX), ICON Europe A (Nasdaq: IERAX), Pioneer Europe Fund (Nasdaq: PBEUX), ProFunds Europe 30 (Nasdaq: UEPIX), Putnam Europe A (Nasdaq: PEUGX), Rydex Europe 1.25x (Nasdaq: RYAEX).

Greek news

Rabu, 02 November 2011

Papandreou's Referendum Genius

Greek Prime Minister PapandreouWe recently published an article entitled, “Oxi Day Still Means No to Greeks,” within which we discussed the continued misery of Greeks despite the agreement to give Greece a “haircut” on their debt obligations. We suggested in the piece that Greeks have continued to disagree with their government, despite this celebrated grand barter. Well, it seems Prime Minister Papandreou is calling us on that. Tuesday, he announced that he would ask the Greek people what they would like to do. Everything hangs in the balance as a result.

Greek writersOur founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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Papandreou’s Referendum Genius



Surprising his European brothers, his countrymen and even members of his own party, Greece’s Prime Minister Papandreou Tuesday called for a referendum on the latest debt deal which would effectively cut the country’s bond debts in half. Of course, Greece is expected to keep to its austerity efforts implemented already, and to pay back the IMF what it owes it. Thereby, nothing much changes for Greeks at street level, and the Greek economy will continue to carry a heavy load. Thus, despite the grand barter so celebrated on Wall Street, misery remains for Greeks.

Alexander Stubb, Finnish Minister of European Affairs and Foreign Trade, declared the vote would effectively be a decision about Greece’s ongoing membership in the euro zone. Certainly, from an outside perspective, this action by the Greek leader would seem akin to looking a gift horse in the mouth. After all, half of Greece’s bond debts would be forgiven. But the view from the streets of Greece is much different, where 60% of the polled population (seems like more) stands against the austerity measures and the suggestion of their necessity. Furthermore, while the Prime Minister and his government have found support from rivals in prior votes of confidence, many of those political lions have at the same time been rallying the masses for a later toppling of Papandreou and his PASOK Party.

Yet Tuesday, several PASOK partisans resigned from their positions in a loud expression of disapproval, leaving Papandreou with just a slim representative majority in Parliament. The loss of his vulnerable majority could lead to an early election, and thus expedite the government’s replacement. This also could theoretically lead to Greece rejecting the deal. Still, so many unknowns tag along with what appears an irresponsible and unnecessary direction, that a government led by either of Greece’s major political parties should lead to the same result, the acceptance of the deal. The only way Greece might reject the deal is if the question were posed directly to the people, who unfortunately may not fully comprehend what would happen if Greece were to reject the deal and accept its consequences, the default on its debt and Greece’s ejection from the euro zone.

With such great risk weighing, many are speculating today as to the motive of the Greek prime minister, and of course I have a few ideas myself. It’s possible that Papandreou has grown weary, looking out his window daily at street fires and enflamed countrymen. Perhaps he has been questioning whether his decisions are representing his people’s wishes, and if perhaps the darker route might not be so bad. After all, Iceland has already found its way back, and Ireland seems headed in the right direction as well.

Another idea is that Papandreou is playing political roulette. His despised government could regain some of its lost support, by putting the decision in the hands of the people. When presented with the prospect of ejection from Europe, a community Greeks view inside the bubble of civilization and economic progression, they may make the hard choice themselves. Perhaps the scenario might also ease the so easily rounded up protests, for it is much easier to complain than to take responsibility. Papandreou might just save himself as well, after struggling to keep crutches under his nation.

Other options I find less logical include the idea that Papandreou might be seeking to gain greater leverage to re-negotiate with his European brothers, turned masters. The risk/reward trade-off here is just too far out of balance to adequately defend this theory.

Finally, the simple act of declaring there would be a referendum might have been enough in and of itself to accomplish all goals. European ministers now see the risks of overburdening their desperate brother, and so could ease the burden on Greece with regards to the austerity demands weighing upon it. The Greek people might now better see the position of their embattled leader, and the few options he really has while under bombardment from speculative markets and few resources. Perhaps they understand the dangers of the other option, exit from the euro zone. Therefore, what many are describing today as an unconscionable act of Prime Minister Papandreou, might in fact be pure genius.

Editor's Note: This article should interest investors in National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI), Deutsche Bank (NYSE: DB), ITA (Nasdaq: ITUB), Banco Santander (NYSE: STD), Westpac Banking (NYSE: WBK), UBS (NYSE: UBS), Lloyd’s Banking Group (NYSE: LYG), Barclay’s (NYSE: BCS), Credit Suisse (NYSE: CS), Allied Irish Banks (NYSE: AIB), Banco Latinamerican (NYSE: BLX), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Morgan Stanley (NYSE: MS), European Equity Fund (NYSE: EEA), Vanguard European Stock Index (Nasdaq: VEURX), Powershares FTSE RAFI Europe (NYSE: PEF), Europe 2001 (NYSE: EKH), S&P Emerging Europe (NYSE: GUR), Ultrashort MSCI Europe (NYSE: EPV), Vanguard Europe Pacific (NYSE: VEA), Wisdomtree Europe SmallCap (NYSE: DFE), Wisdom Tree Europe Total Div (NYSE: DEB), iShares S&P Europe 350 (NYSE: IEV), Morgan Stanley Eastern Europe (NYSE: RNE), DWS Europe Equity A (Nasdaq: SERAX), DWS Europe Equity B (Nasdaq: SERBX), Fidelity Europe (Nasdaq: FEUFX), Fidelity Europe (Nasdaq: FIEUX), ICON Europe A (Nasdaq: IERAX), Pioneer Europe Fund (Nasdaq: PBEUX), ProFunds Europe 30 (Nasdaq: UEPIX), Putnam Europe A (Nasdaq: PEUGX), Rydex Europe 1.25x (Nasdaq: RYAEX).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Greenwich Village tour

Sabtu, 29 Oktober 2011

Oxi Day Still Means No to Greeks

Oxi Day“We are once again saying no to anyone who would come again to steal our country, whether it be the Germans or anyone else. We say no, and that is final!” Those were the words of a middle-aged woman, the regular sort demonstrating against the austerity measures that chain Greeks even after the latest European resolution.

Greek authorOur founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Relative tickers: NYSE: NBG, NYSE: OTE, NYSE: CCH, NYSE: TK, NYSE: NM, NYSE: NNA, NYSE: NMM, NYSE: TNP, NYSE: OSG, NYSE: ISH, NYSE: EXM, NYSE: SB, NYSE: SEA, NYSE: GNK, NYSE: DSX, NYSE: DAC, NYSE: TNP, NYSE: SFL, NYSE: NAT, NYSE: SSW, NYSE: GMR, NYSE: DHT, NYSE: MPX, Nasdaq: DRYS, Nasdaq: TOPS, Nasdaq: EGLE, Nasdaq: SINO, Nasdaq: PRGN, NYSE: KSP, Nasdaq: ESEA, Nasdaq: SBLK, Nasdaq: ONAV, Nasdaq: VLCCF, Nasdaq: TBSI, Nasdaq: GLNG, Nasdaq: XSEAX, Nasdaq: ACLI, NYSE: DB, Nasdaq: ITUB, NYSE: STD, NYSE: WBK, NYSE: UBS, NYSE: LYG, NYSE: BCS, NYSE: CS, NYSE: AIB, NYSE: BLX, NYSE: BAC, NYSE: C, NYSE: GS, NYSE: JPM, NYSE: MS, NYSE: EEA, Nasdaq: VEURX, NYSE: PEF, NYSE: EKH, NYSE: GUR, NYSE: EPV, NYSE: VEA, NYSE: DFE, NYSE: DEB, NYSE: IEV, NYSE: RNE, Nasdaq: SERAX, Nasdaq: SERBX, Nasdaq: FEUFX, Nasdaq: FIEUX, Nasdaq: IERAX, Nasdaq: PBEUX, Nasdaq: UEPIX, Nasdaq: PEUGX, Nasdaq: RYAEX

Oxi Day Still Means No to Greeks!



It was eerily symbolic: the celebration of Oxi Day just a few days after the European Union agreed to slash Greece’s debt burden in half. The Greek word, “Oxi,” of course means no, and the day symbolizes Greece’s response to the demands of Mussolini (and Hitler) for the Hellenic Republic to surrender. Greece’s government agreed to this latest deal, the best option it has been offered yet, but perhaps the Greek people should have been surveyed. They so disrupted the Oxi Day parade in Greece’s second largest city of Thessaloniki, that it was cancelled.

The problem is that while Greece’s government burden has been reduced, no such luxury has been afforded to the Greek people. Austerity programs remain in place, as Greece continues to be indebted in one way or another to its European brothers. Greece’s debt burden was cut in half, and the pain of that event will be born mostly by private investors. European banks with exposure are being infused with 106 billion euro. Finally, to head off any future needed action, a trillion euro fund will be set up to act as a firewall against like crises in Portugal, Italy or elsewhere.

With all the glory of the grand barter, stocks across the globe and in Greece as well, enjoyed a relief rally Thursday. However, the rally ominously stalled on Friday, with the Euro STOXX 50 Index dropping 0.6%, as investors remembered that while imminent catastrophe was mitigated, misery remained. Greece cannot now go back on its progressive measures like its clean up of political and other corruption and its collection of income taxes, nor can it renege on its emergency plans including luxury taxes, pressure on pensioners, or the privatization of publicly owned installations.

Under such austerity, economic growth is impeded, but supporters of order will ask you, “What else can we do?” I say, plenty. Greece at least now has time to put together a better think tank, to give sincere effort to the design of creative ideas that could ease the burden from the people and allow economic growth to sprout. Current conditions will not encourage employment growth, though perhaps, with a tiring populous and the onset of winter, riots may ease and tourism may return in the spring.

It is a pity that the great barter agreed to by the nation finds the same answer from the people who have been protesting so vehemently for so long. That answer is the same issued to Mussolini, and it is still Oxi. Yet, I believe that fewer fresh measures will be pushed upon the people moving forward, which will cut off the kindling from the fire. With the nearing of an important national holiday for the Orthodox Christian nation, I expect Greece will tend to its wounds this winter, and prepare for rebirth in spring.

Editor's Note: This article should interest investors in National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE or OTC: HLTOY.PK), Coca-Cola HBC (NYSE: CCH), Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI), Deutsche Bank (NYSE: DB), ITA (Nasdaq: ITUB), Banco Santander (NYSE: STD), Westpac Banking (NYSE: WBK), UBS (NYSE: UBS), Lloyd’s Banking Group (NYSE: LYG), Barclay’s (NYSE: BCS), Credit Suisse (NYSE: CS), Allied Irish Banks (NYSE: AIB), Banco Latinamerican (NYSE: BLX), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Morgan Stanley (NYSE: MS), European Equity Fund (NYSE: EEA), Vanguard European Stock Index (Nasdaq: VEURX), Powershares FTSE RAFI Europe (NYSE: PEF), Europe 2001 (NYSE: EKH), S&P Emerging Europe (NYSE: GUR), Ultrashort MSCI Europe (NYSE: EPV), Vanguard Europe Pacific (NYSE: VEA), Wisdomtree Europe SmallCap (NYSE: DFE), Wisdom Tree Europe Total Div (NYSE: DEB), iShares S&P Europe 350 (NYSE: IEV), Morgan Stanley Eastern Europe (NYSE: RNE), DWS Europe Equity A (Nasdaq: SERAX), DWS Europe Equity B (Nasdaq: SERBX), Fidelity Europe (Nasdaq: FEUFX), Fidelity Europe (Nasdaq: FIEUX), ICON Europe A (Nasdaq: IERAX), Pioneer Europe Fund (Nasdaq: PBEUX), ProFunds Europe 30 (Nasdaq: UEPIX), Putnam Europe A (Nasdaq: PEUGX), Rydex Europe 1.25x (Nasdaq: RYAEX).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Baptism favors
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