The Hellenic Radio (ERA): News in English, 08-10-16

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

CONTENTS

[01] Summit Meeting on Economy

16 Ïêô 2008 09:08:00

Sources: NET 105.8, ÁNA. Reuters

European Union leaders agreed over Eurozones package of $2 trillion in the Summit meeting of Brussels for the support of the financial system. On Thursday the 27 nations of the European Union are expected to adopt a more flexible implementation of the revised Agreement of stability by state members.

The plan will guarantee the recapitalization of banks and the interbank loans. British Prime Minister Gordon Brown called for an overhaul of regulation for the worlds financial system on Wednesday to tackle panic in the future.

Europe and the rest of the international community must ... act together and without delay to manage the risks of contagion, economic and financial, around the world," a British document circulated to EU leaders said.

The liberal Czech Republic government still had some reservations on "minor" points of a draft joint text, a Czech diplomatic source said.

The Czech administration is opposed to large state intervention and was insisting the agreed text should include the idea of respecting European rules on competition and state aid and its public finance rules, despite the crisis, he said.

European leaders agreed to monitor the European financial sector especially banks and insurance companies. In their final announcement leaders are expected to confirm the revised Agreement of Stability and Development that must be adjusted in such way that it will reflect "current special conditions."

Translated by Sofia Gartziou

[02] After Wall Street's Fall

16 Ïêô 2008 08:53:00

Sources: NET 105.8, ÁNA

The Nikkei average tumbled more than 11 percent on Thursday in its biggest one-day loss since the 1987 stock market crash after weak U.S. economic data intensified fears that recent global financial rescue measures will not be enough to stave off a recession. In the worst one-day percentage declines since the stock market crash of 1987, the Dow Jones industrial average ended down 733 points or 7.87 percent, and the S&P 500 index lost 9 percent. The losses reversed Mondays record surges that had been sparked by optimism about bank bailouts.The RTS Index and the MICEX Stock Exchange posted losses comes to 3.6%-15.2%. The RTS Index fell 7.21% to 788.98 points while the MICEX stock exchange tumbled by 8.26% to 632.72 points. London stock market recorded losses yesterday 7,16%. In Athens share market, Index settled at 2.381,57 points. .

Translated by Sofia Gartziou

[03] Obama-McCain Last Debate Intense

Sources: Reuters, ÁNA-ÌNA

Republican John McCain and Democrat Barack Obama face off in their final debate on Wednesday, with McCain needing a strong performance to begin to turn around a White House race. The debate focused on financial issues. According to gallops conducted for CNN and CBS showed Obama leading by 14 percentage points. Meantime, according to his statement "Greek News" newspaper, the Democrat candidate stated that he is in favor of a withdrawal of the Turkish troops form Turkey, a mutual accepted solution regarding Skopje name issue and respect from Ankara on Ecumenical Patriarchates rights.

Accusations by Both Sides

Republican candidate McCain launched accusations against his Democratic opponent regarding his plans to raise taxation to citizens that earn more than $ 250.000 per year, stressing that this measure will mostly affect small businesses. Obama replied that he wanted to cut taxes for 95 percent of working Americans and 98 percent of small businesses, while McCain favored $200 billion in additional tax breaks to some of the wealthiest corporations in America.

McCain at first passed up an opportunity to raise questions about Obamas relationship with William Ayers, a 1960s radical who is now a professor at the University of Illinois in Chicago. McCains running mate, Alaska Governor Sarah Palin, hammered Obama on that subject last week.

Obama, 47, kept his focus on his contention that McCain would continue the economic policies of President Georhe W. Bush. That led McCain to retort that Obama was running against the wrong opponent. ``Senator Obama, I am not President Bush, he said. ``If you wanted to run against President Bush, you should have run four years ago. Obama replied that while his opponent has shown ``commendable independence from Bush on some issues, he had failed to do so on the economy.

[04] Greece Lose 2-1 to Switzerland

By Giahanatzis Dimitris

Sources: ANA

Playing against Switzerland, the Greek national football team sustained Wednesday evening a home 2-1 defeat on match day 4 of the preliminary round of the 2010 World Cup. Switzerland opened the score in the first half with a penalty kick and then doubled their lead in the 77 minute. Haristeas had earlier equalized the score in the 68 minute. Despite the defeat, Greece still remains atop their group, since the game between Israel and Latvia ended in a 1-1 tie.

Translated by Areti Christou

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