Greek economic migrants increasing, while joblessness soars

Published

8 years ago

July 4, 2016

As Asian Stocks Rise on Post-Brexit Easing Expectations

Greece is experiencing its biggest brain drain in modern history with close to half a million of its most able and talented professionals having left since the start of its economic crisis, the country’s central bank has revealed.

The Bank of Greece said 427,000 had migrated since 2008, a year before the nation’s debt drama erupted. The exodus of workers, many of them high-skilled, makes the prospect of economic recovery even more opaque.

“Migration and poverty are undoubtedly the two most painful consequences experienced by a society in protracted crisis conditions,” the report’s author Sophia Lazaratou told Kathimerini newspaper.

“The current exodus is being led by young professionals seeking their fortunes in Germany, the UK and the United Arab Emirates,” according to the report. Over 100,000 have moved abroad since 2013.

Unemployment – along with a Byzantine bureaucracy and endemic corruption – has spurred the flow. In the seven years since the debt crisis exploded, joblessness has soared from around 4% to 25% . More than 50% of Greeks aged between 25 and 39 are out of work – the highest proportion of any EU member state.

“What this shows is that there has been a deep and long-term seepage of the most able and the most talented that will have major implications for the future growth potential of Greece,” said Prof Kevin Featherstone, who heads the London School of Economics Hellenic Observatory.

Asked if Brexit would affect the exodus, he said: “It may well divert them. In the medium term, there will be less job opportunities in the NHS, education sector and financial services, there will be less of a pull factor.”

Reintegrating people in long-term unemployment has become a major concern in a country where the depth and length of the recession is akin to the depression suffered by eastern European states in the early 1990s.

The unprecedented outflow has been particularly hard on Greece’s health sector with ever more doctors also joining the exodus. Ironically the vast majority, educated and trained at great expense, have headed for Germany where some 25,000 Greek doctors are now believed to work.

In the meantime, Asian stocks rose Monday following Wall Street’s gains as expectations increased that central banks might ease monetary policy following Britain’s vote to leave the European Union.

KEEPING SCORE: The Shanghai Composite Index rose 1.9 percent to 2,986.85 and Hong Kong’s Hang Seng gained 1.5 percent to 21,098.80. Tokyo’s Nikkei 225 advanced 0.4 percent to 15,747.60 and Sydney’s S&P-ASX 200 gained 0.3 percent to 5,261.00. Seoul’s Kospi added 0.3 percent to 1,994.82 and India’s Sensex advanced 0.7 percent to 27,345.34. Benchmarks in Taiwan, Singapore and New Zealand also advanced.

WALL STREET: U.S. stock indexes ended a turbulent week up 3 percent, coming close to regaining the ground it lost following Britain’s EU vote. It was the market’s biggest weekly gain since November. The Dow Jones industrial average gained 19.38 points, or 0.1 percent, to 17,949.37. The Standard & Poor’s 500 index added 4.09 points, or 0.2 percent, to 2,102.95. The Nasdaq composite rose 19.89 points, or 0.4 percent, to 4,862.57. U.S. markets were closed Monday for the Independence Day holiday.

POST-BREXIT EASING: Investor sentiments were boosted by expectations the Bank of England and European Central Bank might ease monetary policy to shore up flagging growth following Britain’s vote and the U.S. Federal Reserve might postpone a rate hike. The top British central banker, Mark Carney, said last week that easing “will likely be required over the summer” because the economic outlook has deteriorated.

ANALYST’S TAKE: “Prospects that central banks (BoE and ECB) will unleash fresh stimulus in coming months are providing some relief in markets,” said Mizuho Bank in a report. “It is also perceived that the Fed will either delay its rate hike to Q3/Q4 or no hike policy rate at all this year.”

AUSTRALIAN ELECTIONS: Close election results left Australia with the possibility of no clear winner and a hung parliament. The lack of any party emerging a clear winner defied forecasts. Vote counting was due to resume Tuesday and political analysts said it could be two weeks or more before a final result is announced. The possibility of a hung parliament “creates medium term but unspecified risks for business,” said Ric Spooner of CMC Markets in a report. “Markets will be concerned by the potential for a period of policy paralysis when it comes to budget and economic reform.”

ENERGY: Benchmark U.S. crude declined 3 cents to $48.96 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 66 cents on Friday to close at $48.99. Brent crude, used to price international oils, gained 3 cents to $50.38 in London. It rose 64 cents the previous session to $50.35.

CURRENCY: The dollar edged up to 102.70 yen from Friday’s 102.49 yen. The euro edged down to $1.1135 from $1.1139.

Guardian with additional report from AbcNews

Related Topics:Asian stocks European Union Greece

Up Next

China to hold drills in South China Sea ahead of court ruling

Don't Miss

STOAN Arrowhead, Haastrup Backs Alternative Dispute Resolution

1 Comment

WAIVER CESSATION: Igbokwe urges NIMASA to evolve stronger collaboration with Ships owners

Published

5 years ago

April 13, 2019

Maritime First

…Stresses the need for timely disbursement of N44.6billion CVFF***

Highly revered Nigerian Maritime Lawyer, and Senior Advocate of Nigeria (SAN), Mike Igbokwe has urged the Nigeria Maritime Administration and safety Agency (NIMASA) to partner with ship owners and relevant association in the industry to evolving a more vibrant merchant shipping and cabotage trade regime.

Igbokwe gave the counsel during his paper presentation at the just concluded two-day stakeholders’ meeting on Cabotage waiver restrictions, organized by NIMASA.

“NIMASA and shipowners should develop merchant shipping including cabotage trade. A good start is to partner with the relevant associations in this field, such as the Nigeria Indigenous Shipowners Association (NISA), Shipowners Association of Nigeria (SOAN), Oil Trade Group & Maritime Trade Group of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

“A cursory look at their vision, mission and objectives, show that they are willing to improve the maritime sector, not just for their members but for stakeholders in the maritime economy and the country”.

Adding that it is of utmost importance for NIMASA to have a through briefing and regular consultation with ships owners, in other to have insight on the challenges facing the ship owners.

“It is of utmost importance for NIMASA to have a thorough briefing and regular consultations with shipowners, to receive insight on the challenges they face, and how the Agency can assist in solving them and encouraging them to invest and participate in the maritime sector, for its development.

“NIMASA should see them as partners in progress because, if they do not invest in buying ships and registering them in Nigeria, there would be no Nigerian-owned ships in its Register and NIMASA would be unable to discharge its main objective.

The Maritime lawyer also urged NIMASA to disburse the Cabotage Vessel Financing Fund (CVFF)that currently stands at about N44.6 billion.

“Lest it be forgotten, what is on the lips of almost every shipowner, is the need to disburse the Cabotage Vessel Financing Fund (the CVFF’), which was established by the Coastal and Inland Shipping Act, 2003. It was established to promote the development of indigenous ship acquisition capacity, by providing financial assistance to Nigerian citizens and shipping companies wholly owned by Nigerian operating in the domestic coastal shipping, to purchase and maintain vessels and build shipping capacity.

“Research shows that this fund has grown to about N44.6billion; and that due to its non-disbursement, financial institutions have repossessed some vessels, resulting in a 43% reduction of the number of operational indigenous shipping companies in Nigeria, in the past few years.

“Without beating around the bush, to promote indigenous maritime development, prompt action must be taken by NIMASA to commence the disbursement of this Fund to qualified shipowners pursuant to the extant Cabotage Vessel Financing Fund (“CVFF”) Regulations.

“Indeed, as part of its statutory functions, NIMASA is to enforce and administer the provisions of the Cabotage Act 2003 and develop and implement policies and programmes which will facilitate the growth of local capacity in ownership, manning and construction of ships and other maritime infrastructure. Disbursing the CVFF is one of the ways NIMASA can fulfill this mandate.

“To assist in this task, there must be collaboration between NIMASA, financial institutions, the Minister of Transportation, as contained in the CVFF Regulations that are yet to be implemented”, the legal guru highlighted further.

He urged the agency to create the right environment for its stakeholders to build on and engender the needed capacities to fill the gaps; and ensure that steps are being taken to solve the challenges being faced by stakeholders.

“Lastly, which is the main reason why we are all here, cessation of ministerial waivers on some cabotage requirements, which I believe is worth applause in favour of NIMASA.

“This is because it appears that the readiness to obtain/grant waivers had made some of the vessels and their owners engaged in cabotage trade, to become complacent and indifferent in quickly ensuring that they updated their capacities, so as not to require the waivers.

“The cessation of waivers is a way of forcing the relevant stakeholders of the maritime sector, to find workable solutions within, for maritime development and fill the gaps in the local capacities in 100% Nigerian crewing, ship ownership, and ship building, that had necessitated the existence of the waivers since about 15 years ago, when the Cabotage Act came into being.

“However, NIMASA must ensure that the right environment is provided for its stakeholders to build and possess the needed capacities to fill the gaps; and ensure that steps are being taken to solve the challenges being faced by stakeholders. Or better still, that they are solved within the next 5 years of its intention to stop granting waivers”, he further explained.

Breaking News: The Funeral Rites of Matriarch C. Ogbeifun is Live

Published

6 years ago

March 7, 2019

Maritime First

The Burial Ceremony of Engr. Greg Ogbeifun’s mother is live. Watch on the website: www.maritimefirstnewspaper.com and on Youtube: Maritimefirst Newspaper.

Wind Farm Vessel Collision Leaves 15 Injured

Published

6 years ago

February 20, 2019

Maritime First

…As Valles Steamship Orders 112,000 dwt Tanker from South Korea***

A wind farm supply vessel and a cargo ship collided in the Baltic Sea on Tuesday leaving 15 injured.

The Cyprus-flagged 80-meter general cargo ship Raba collided with Denmark-flagged 31-meter wind farm supply vessel World Bora near Rügen Island, about three nautical miles off the coast of Hamburg.

Many of those injured were service engineers on the wind farm vessel, and 10 were seriously hurt.

They were headed to Iberdrola’s 350MW Wikinger wind farm. Nine of the people on board the World Bora were employees of Siemens Gamesa, two were employees of Iberdrola and four were crew.

The cause of the incident is not yet known, and no pollution has been reported.

After the collision, the two ships were able to proceed to Rügen under their own power, and the injured were then taken to hospital.

Lifeboat crews from the German Maritime Search and Rescue Service tended to them prior to their transport to hospital via ambulance and helicopter.

“Iberdrola wishes to thank the rescue services for their diligence and professionalism,” the company said in a statement.

In the meantime, the Hong Kong-based shipowner Valles Steamship has ordered a new 112,000 dwt crude oil tanker from South Korea’s Sumitomo Heavy Industries Marine & Engineering.

Sumitomo is to deliver the Aframax to Valles Steamship by the end of 2020, according to data provided by Asiasis.

The newbuild Aframax will join seven other Aframaxes in Valles Steamship’s fleet. Other ships operated by the company include Panamax bulkers and medium and long range product tankers.

The company’s most-recently delivered unit is the 114,426 dwt Aframax tanker Seagalaxy. The naming and delivery of the tanker took place in February 2019, at Namura Shipbuilding’s yard in Japan.

Maritime Executive with additional report from World Maritime News