EIB inserts drachma clauses in loans to Greek firms ? Hedging their bet that Greece will in fact leave the Eurozone ! Election items and other news headlines and items of the day....

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_21/04/2012_438736

EIB inserts drachma clauses in loans to Greek firms By Chryssa Liaggou The European Investment Bank is hedging itself against a Greek exit from the eurozone by inserting drachma clauses in the loan deals it signs with Greek enterprises. The first such deal was two weeks ago when the management of Public Power Corporation (PPC), the country’s electricity giant began negotiating with the EIB about a 70-million-euro loan to fund its new natural-gas-powered plant at Megalopoli in the Peloponnese. The EIB proposed for the first time two new terms, one of them being the possible renegotiation of the agreement should Greece leave the eurozone or should the common currency area break up. The second was placing the agreement under British law, in case of any irregularities in the payback process. PPC referred the issue to the Finance Ministry, which undertook negotiations with the EIB as it realized that those terms did not just concern PPC but also the general credit policy of the bank toward Greece. EIB sources suggest that the currency-change clause will be included in all contracts with countries applying economic stability programs (Greece, Portugal and Ireland) and gradually expand to all eurozone countries. Sources suggest that the bank has made it clear to the political leadership of the Finance Ministry that the whole of the new contracts for loans to Greek companies will have the so-called “drachma clauses” and will be under British law. The EIB has committed itself to issuing loans of 600 million euros up to January 2013 to the Greek market, to climb to 1.4 billion euros by the end of 2015. and....

http://www.athensnews.gr/portal/1/55118

Press watch, April 21st

by Makis Papasimakopoulos 21 Apr 2012

What made the front pages of Saturday's press (file photo) The electional hum has built itself up to a rumbling roar and with said noise in their ears, the various parts that make up the Greek press are choosing sides and naming names.   Openly Pasok-ites as ever, the boys at To Karfilist each and every adversary Evangelos Venizelos will face on May 6, basically telling us they’re all pretty much incapable of setting up a flower pot the right way up, bang out a “Tragic” headline to box them all in, then finish off this bout of Pasok-is-only-solution-ism by quoting a poll that says that the Pasok chief is the best suited to lead. Naturally.   Elsewhere, Avriani run most of their front page past the altar of Antonis Samaras, reminding us that he will not form a coalition government with Pasok, preferring to keep his fingers crossed for a stand-alone government. Best of luck with that finger crossing then Anthony.   To Ethnos, run a headline that reads “The ballot is on fire from the anger party”, referring of course to the voting movement that will most likely lead to a large chunk of the public, voting anything but Pasok and New Democracy. To Ethnos is clearly gunning for a coalition government (don’t tell Antonis, he might walk off in a huff), but fears that there may not be enough support for the two main parties in Greece, at least in the first round of the elections.   In a rather more interesting main story, Press Time runs an exclusive report on the bank accounts of a large number of political representatives, referring to it as a “merry dance of millions”. Above the main story, a (smiling) Dora Bakoyannis quote reveals that she will co-operate with anyone, as long as it is for the good of the nation. Let’s keep our fingers crossed for an upset then. I would love to see her try and work out a deal with the Easter Bunny.   O Logos heads for less electional and parliamentary waters, focusing on the absolute mauling the Greek banking system has taken post PSI. Their headline reads “Banks sink due to PSI”. Outgoing Prime Minister Lucas Papademos pops up beneath the banking story, his name and quotes supporting a Logos story that says  the memorandum alone will not be enough to support Greece’s flailing economy. Elftheros Tipos keeps it real, urban and social by the looks of things, with a highly depressing story that throws a glaring spotlight on what most people in Greece already know. “First place in poverty stakes” runs the headline with three chunks of text holding it up and informing us that one out of two Greeks cannot afford to pay their bills, that the memorandum has kicked us below Bulgaria and Lithuania and that 8 out of 10 Greeks can’t support their children.   Nothing much to add after that really. Its dark enough as it is. and..... http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_734_21/04/2012_438732 Neo-nazi followers attack PASOK deputy PASOK deputy Petros Efthymiou was at the receiving end of an attack by a number of the neo-nazi Chrysi Avgi party at Maroussi in northern Athens on Saturday afternoon. Some 100 men chanted slogans against all politicians and abused Efthymiou, who was holding an election rally at the site, before hurling bottles of water and cups of coffee at him amongst other things. Noone was injured. Interestingly, the attack took place in front of two foreign television crews, including one from the BBC, that were filming reports on the rise of neo-nazism in Greece. All parliamentary parties condemned the attack, highlighting its coincidence with the anniversary of the coup d’etat 45 years ago that started the military junta of 1967-74. Chrysi Avgi leader Nikos Michaloliakos played down the incident saying on camera that the weather was warm enough and a shower with water can't have hurt Efthymiou.