ekathimerini. com -The Greek Letter - 8 December 2024 - London Calling - Greece is bracing for a period of geopolitical uncertainty with potential regional implications.

 

London Calling[AP] Constantine CapsaskisNewsletter Editor Welcome to the weekly round-up of news by Kathimerini English Edition. Prime Minister Kyriakos Mitsotakis met with British counterpart Keir Starmer at Downing Street in London this week, with the issue of the Parthenon sculptures held by the British Museum remaining a fixture of talks between Greece and the United Kingdom. Overall, Greek government sources noted that the meeting was held in a very positive climate, with the two leaders broadly reviewing bilateral relations (including economic cooperation, shipping, and tourism). Despite Starmer’s office noting that the sculptures were not on the agenda, Mitsotakis raised the issue and later noted that “we welcome the fact that the British government will not stand in the way if there is an agreement with the British Museum”. There were also claims that the Greek government held private meetings with the British Museum ahead of the meeting between Mitsotakis and Starmer. It has been reported that negotiations on the issue have made progress since ruling Labour’s electoral victory this year, which ended 15 years of Conservative rule. This difference was noted by the Chairman of the British Museum, and former Conservative Chancellor of the Exchequer, George Osborne who said that the current situation is “not the same as [with former Conservative PM] Rishi Sunak, who refused to see the Greek prime minister. “We’re looking to see if we can come to some arrangement where at some point some of the sculptures are in Athens, where, of course, they were originally sited. And in return, Greece lends us some of its treasures, and we made a lot of progress on that”, he added. However, Osborne, speaking from New York, also highlighted that a deal is “still some distance” away, pointing out that “I would be in London if we were on the verge of reaching an agreement with Greece around the Parthenon Sculptures”. It is worth noting that more than half of respondents (53%) in a YouGov survey in the UK said that they would favor the return of the sculptures to Greece. Spotlight With the five-year term of incumbent President Katerina Sakellaropoulou set to expire next year, the issue of selecting who will be Greece’s next head of state is proving to be, as always, a thorny issue. The government of Prime Minister Kyriakos Mitsotakis has not yet revealed who it will put forward for the position, and whether its nomination will seek to find broad consensus with other parliamentary parties or whether it will seek to appease its party base. Opposition party New Left recommended Christos Rammos, the current head of the country’s independent privacy watchdog ADAE who led investigations into the wiretapping scandal that rocked the government. The move can also be interpreted as an attempt to drive a wedge between New Democracy and, now, main opposition PASOK following a very convivial meeting between their two leaders this week, much criticized by the rest of the opposition.   Meetings between Greek and Turkish diplomatic delegations this week reached a familiar conclusion, namely the two sides agreed to continue talking and cooperating on resolving smaller difficulties despite disagreeing on the breadth of core disputes in bilateral relations. Despite several recent breakdowns in communication (including the dispatch of four Turkish frigates south of Karpathos and Kassos), there have been also been diplomatic breakthroughs including Greece supporting former Turkish Ambassador Feridun Sinirlioglu’s successful candidacy to be the next secretary-general of the OECD. However, the renewal of more expansionist rhetoric from Ankara has been criticized in Athens, particularly by Defense Minister Nikos Dendias who announced the creation of a missile defense shield in the Aegean.

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OPINION Tom EllisEditor-in-Chief, Kathimerini English Edition Greece faced with a world of instability[AP] As the inauguration of Donald Trump is approaching and the political crises in Germany and France keep unfolding, Greece is bracing for a period of geopolitical uncertainty with potential regional implications. It is not a healthy development when the behavior of major pillars of the international political and economic order is uncertain, especially in areas of tension which includes the Aegean and the East Med, as well as the Balkans. Greece, a member of both NATO and the European Union and a reliable ally of big powers with influence in our area, can only benefit from the latter being engaged. Obviously, Athens will continue to act responsibly, seeking cooperation and avoiding confrontation, and in that context, it will remain a stabilizing factor in Southeastern Europe and a dedicated participant in the ongoing dialogue with Turkey. The negotiations with our neighbor to the East may have not led to any breakthrough but have steadily created a positive atmosphere that has brought some tangible benefits to both sides. Despite all that, having an unpredictable superpower and the two largest European economies politically and economically weakened, is not a prescription for ensuring regional stability. A country like Greece, that believes in international law and has invested diplomatically in a rules-based world, is naturally concerned when these critical parameters governing relations among nations are being challenged, and the major powers are unable or unwilling to enforce them.

CHART OF THE WEEK

Demand for properties in Greece has declined over the last six months but it remains disproportionate to the level of supply as there are believed to be at least double the number of prospective buyers to sellers. Specifically, a survey conducted by the University of Macedonia recorded a 6% decline in prospective buyers from 28% to 22% and a 2% decline in sellers from 9% to 7%. According to experts, one of the main problems in the Greek real estate market are the vacant residential properties, estimated in 2021 to number around 800,000 with 255,300 of them in the capital region of Attica. They argue that the best way to decompress the market would be to increase the supply by bringing these properties in, rather than increasing demand by offering programs supporting buyers (like the “My Home” program introduced by the government).

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ECONOMY IN A NUTSHELL

“The Athens Exchange (ATHEX) general index closed at 1,456.52 points, adding 4.52% from last week (the highest weekly uptick in 18 months).”

“The Greek economy saw growth of 2.4% in Q3 of 2024 on a yearly basis, up from 2.3% in Q2. Private consumption, with household consumption increasing by 2.1%, and private investment were the primary drivers of this growth.”

“There is a significant narrowing of the spread between bank loan and deposit interest rates in October according to a recent report by the Bank of Greece. The average loan interest rate fell by 19 basis points to 5.41%.”

WHAT'S ON THE AGENDA

11/12/2024Strikes: Several labor unions have announced their intention to strike this week, with the Confederation of Greek Civil Servants’ Trade Unions set to strike on Wednesday and Athens Metro employees on Friday, December 13. 11/12/2024Christmas Basket: The “Household Basket” initiative, aimed at helping households in the cost-of-living crisis, is set to expand next week to include several traditional Greek Christmas items. 12/12/2024Athens International Tourism Conference: The three-day 11th iteration of the Athens International Tourism and Culture Expo will be held at the Zappeion Megaron, under the auspices of the Greek National Tourism Organization.

Editor's PickPolitical instability will manifest itself in a chaotic international context marked by economic and geopolitical uncertaintyAggeliki SpanouRead the article

PODCAST

04/12/2024 • 12:00Merkel’s memoirs: The Greek financial crisis, migration, and her legacyXenia Kounalaki, a journalist, columnist, and foreign editor at Kathimerini, joins Thanos Davelis for a deep dive into the revelations in Angela Merkel’s recently released memoirs, including her handling of the Greek financial crisis and the migration crisis, her encounters with Greece’s leaders, and more.

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