The American Hellenic Institute (AHI) hosted the policy seminar “The Greek Economic Crisis: Myth & Reality” featuring a panel of experts who examined various aspects of the topic on April 25, 2012 at the Capital Hilton, Washington, DC. Ambassador Vassilis Kaskarelis, ambassador of Greece to the U.S., provided closing remarks and participated in a Q&A with the audience.

“With most of the headlines about Greece focusing on its economy and the impact upon the European Union and financial markets worldwide, we wanted to examine just what the realities of the situation are,” said AHI President Nick Larigakis. “Our expert panelists provided us with their insights and analyses providing us with a better understanding of how and why Greece found itself in the financial position it is in; what exactly is expected of Greece as the recipient of loans from the IMF and the Eurozone; how is Greece’s financial position intertwined with that of other nations; and what—if any—role can the Greek American community play in this complex picture.”

The panel featured: Dr. George P. Tsetsekos, dean, LeBow College of Business, Drexel University; Dr. Miranda Xafa, CEO, E.F. Consulting, former executive board member, International Monetary Fund; Nicolas Véron, senior fellow, Bruegel, Brussels-based think tank, and visiting fellow, Peterson Institute for International Economics; and Nicholas G. Karambelas, Esq., partner, Sfikas & Karambelas and AHI legal counsel. AHI President Nick Larigakis, moderated the panel.

Each of the four panelists brought their unique perspective and expertise to the seminar topic.
Speaking on “The Greek Debt Crisis: Background and Future,” Dr. Tsetsekos presented an overview of how Greece came to find itself in the current economic crisis that included 1) significant debt accumulation, 2) huge public sector deficits, and 3) an ambiguous economic development model. Greece accumulated 300 to 350 billion in debt and debt as a percentage of GDP had risen to 195% in 2012, which he described as “unsustainable.” Dr. Tsetsekos explained the Low Unemployment Economic Model used by Greece that led to low-paying public sector jobs and a dependence on tax collection amid mass tax evasion. Jobs in this economic model are split 70% in the public sector and 30% in the private sector. He also explained that Greek banks and many European banks, including French, German, and British, all hold Greece’s debt; and the fact that so many European banks hold Greek debt is the reason why any notion of default is “alarming.” The balance of Dr. Tsetsekos’s presentation included an overview of the “voluntary” PSI debt restructuring of 220 billion euros of Greece’s old debt, an identification of problems the European Union is facing, including the design of its economic system; and future prospects that include constant uncertainty and austerity in a post-PSI environment.

Dr. Xafa’s topic, “The ‘Memorandum:’ Contents and Meaning,” focused on explaining the IMF Memorandum’s target goals, including 1) to restore competitiveness and growth, 2) to restore fiscal sustainability, and 3) to secure financial stability. She also outlined the “Quarterly Performance Criteria” found in the Memorandum that Greece must meet each quarter to receive its loan. For example, Greece must cut 11 billion euro by June 2012, and Dr. Xafa identified from where the cuts would come: three billion in pensions and defense; two billion in the closure of redundant public sector entities; and six billion from hospitals and local authorities. She also outlined growth-enhancing measures Greece can take that included implementation of a privatization program to attract foreign investment and EU reduction of Greece’s co-financing obligation on projects. Dr. Xafa also touched on the PSI agreement, which is the debt exchange that reduced Greece’s debt burden, and its outcome that resulted in 198 billion euro in securities being traded in the debt exchange. “Public debt remains high after PSI,” she cautioned.

In his remarks on the topic, “Greece and Europe: Linkages and Scenarios,” Véron provided his thoughts on Greece’s economic crisis in the context with Europe’s relationship. He describes Europe and Greece as being dependent on each other. According to Véron, Greece does not want to leave the Eurozone and a Greek exit is not a desired outcome for EU countries such as Germany although he acknowledged that this is a change of position for Germany. He also offered his thoughts on how the next steps can be successful ones for Greece, including the acceptance of the EU/Troika by the Greek population and public opinion and the implementation of domestic policies although the question arises if these steps are compatible with principles of Greece’s democracy and sovereignty. “Strategic patience on the side of the EU is also very important,” Véron added. He concluded by providing a scenario where both sides must be patient with each other in order for a successful outcome to be achieved.

Karambelas concluded the panel with a presentation on “The Role of the Greek Americans: Challenges and Responses.” Karambelas framed the topic with the question, “What is available within United States government programs that assist with growth that Greece can take advantage of with assistance from Greek Americans?” Karambelas believes that there are programs to assist Greece and the formation of a commission of Greek Americans and philhellenes is needed to explore these programs and how they can be adopted to address Greece’s current situation. Karambelas presented suggestions for such a group to examine, including 1) a U.S.-Greece tax treaty that could be amended to benefit commerce between the U.S. and Greece similar to one signed by Canada and Greece, 2) make available to Greek nationals with businesses in Greece Treaty Investor (E-2) visas that would allow them to establish businesses in the U.S. with which they can conduct business with their businesses in Greece. A bilateral investment treaty (BIT) between the U.S. and Greece, which is needed to make the E-2 visas available, does not exist, and 3) facilitate a bi-national research and development agreement that would establish a foundation that provides a matchmaking service and funding for commercial ventures between American and Greek high-tech or energy companies. The foundation would fund upwards of 50 percent of the project development and commercialization costs. Such an agreement exists between the U.S. and Israel, he pointed out. In addition, Karambelas suggested the exploration of special programs in the Export/Import Bank of the U.S. government which funds the cost of exports from the United States for projects in foreign countries. A final suggestion that he viewed as very important would be the establishment of private equity fund by the Greek diaspora to fund Greek-related ventures in or outside of Greece.

In his response, Ambassador Kaskarellis commended the panelists. He described the problem with Greece is not just economic, but political as well because politicians mismanaged the Greek economy. He added American audiences on his travels through the country have had difficulty understanding the European decision-making process, which is slow and built on consensus. He pointed to the fact it took 10 years to introduce the euro and the length of time it took to pass a constitution. The ambassador dismissed any notion of Europe weakening stating, “No one can question Europe’s strength.”

On Greece, Ambassador Kasarellis stated the country is at a “turning point” but remains a “prosperous country” that must implement a system to regain credibility and make correct decisions.
“I believe we are on the right path,” he said. “I believe Europe is strong.”

In a globalized world, if even a tiny country like Greece sneezes, the U.S. could catch a cold. Not a fatal illness because of Greece’s tiny economy, but the investment of American banks – even through other banks – and their exposure to a Greek default could set off jitters akin to the fall of the Lehman Brothers collapse that helped spark the 2008 Recession.

An Associated Press analysis found Greece’s problems especially worrisome now in the U.S. because of the Presidential campaign, with politics acting as a catalyst as incumbent President Barack Obama gets set to face the presumptive Republican nominee, former Massachusetts Gov. Mitt Romney, a top-flight business executive who is attacking Obama on the U.S. economy and unemployment even though it’s nowhere near the 21.7 percent rate in Greece – some 54 percent for Greek youths under 25, numbers that could scare Americans and cause more anxiety in the U.S. economy.

The stalemated May 6 Greek elections, which failed to give any party a ruling mandate and has led to a number of failed attempts to set up a compromise coalition, has Americans bemused and bewildered at what’s happening in Greece. New elections may need to be held and if Greece doesn’t set up a new government to meet more austerity demands of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) Troika, which is lending the country $325 billion in two bailouts, Greece could default and leave the taxpayers in the 16 other countries in the Eurozone – plus the Troika – holding the bill.

Greece already imposed losses of 74 percent on private investors and is effectively on welfare, locked out of the markets and would have nowhere to turn if it reneges on the Troika deal, leaving the country potentially unable to pay its bills, workers or pensioners, and even set off a run on the banks and cause shortages of food, medicine, fuel and other necessities – a phenomenon not seen in a western country.

The AP analysis found these possible effects in the U.S. if Greece leaves the Eurozone:

BANKS: U.S. banks have greatly reduced their exposure to Greece – more than 40 percent, to $5.8 billion – so there may be limited effect in the sector, but the Greek contagion could spread to banks in other troubled Eurozone countries where American banks are in play: Portugal, Spain and Italy. Scared investors could sell off their assets in Europe’s most troubled economies, and leave the governments struggling to access credit while falling into deeper recession. A crisis as bad as Greece’s in a bigger nation would have severe global implications. “Greece is peanuts as far as the United States is concerned,” said Uri Dadush, former economic policy chief at the World Bank. “But if Greece leads to the contagion of Spain and Italy, the euro could implode. This is big business for the U.S. We’re talking trillions of dollars in direct and indirect exposure to the European banking sector.” He added: “It’s a question I don’t want to find out the answer to, honestly. There is a real danger of global depression.”

MARKETS: Many pension funds, insurance companies and other big investors have dumped or written off investments in Greece, such as government bonds. But there’s no telling how the markets will respond to a default. Each round of bad news from Europe raises uncertainty. No one knows how a Greek exit from the euro would work and the financial swings have added to the stress on Europe’s economy. And every time stocks plunge and the borrowing costs for troubled countries rise, businesses and consumers grow more cautious. This makes them more reluctant to expand companies or buy more property. Individual American investors should be concerned as well, even if most have little direct exposure to southern Europe. Market declines across Europe could drag down Asia and the United States, hitting portfolios and retirement funds. And when people feel poorer, economies shrink.

TRADE: The U.S. does well with exports to Europe, but that could be drastically affected if Greece sets off a domino-like effect, with a slowdown in business for American companies, less expansion domestically and lost jobs. “Right now, the best case scenario in Europe is a recession,” said Chad Moutray, economist at the Washington-based National Association of Manufacturers. “Any of the worst case scenarios threaten our growth strategy.” U.S. manufacturers have added 167,000 jobs over the last five months, but a European economic collapse would hamper growth in two ways. It would weaken Europe’s general demand for goods. And if investors flee Europe for safer bets elsewhere, the value of the euro would sink and make American products more expensive.

Many major U.S. companies not only export but have large operations in Europe. General Motors and Ford both make cars there and have faced slack sales in a competitive market that offers manufacturers little pricing power. Unemployment rates of over 50 percent for people under 25 in Spain and Greece have undermined the market for first-time car buyers in those countries. Unemployment across the Eurozone is already at 10.9 percent, a record since the common currency was introduced in 1999. If that figure worsens still, it would further dampen American sales.

U.S. POLITICS: Any new economic crisis presents a problem for Obama, even if Europe’s problems are largely beyond his control. Higher unemployment, a surge in gas prices or collapsing stock portfolios in the United States would undermine the President’s argument that he has slowly but surely guided the U.S. out of its worst downturn since the Great Depression. His November showdown against Romney is still too close to call and will hinge on the economy. “He’s put us on a road to become more like Greece,” Romney said last month, hammering away at a campaign message that has focused on debt, unemployment and the lackluster state of the American economy and unemployment.

The concert was organized by the Sts. Constantine and Helen Greek Orthodox Church of Cambridge for the benefit of the church.

“Evening of Rebetika and Laika” was a good opportunity for the Greeks of Cambridge in Massachussets to get together. Greek band Rebetoparea was responsible for the night’s musical program, featuring renowned artists Makis Emmanouilidis and Kosmas Vrouvlianis on vocals and baglama, Yannis Mitaras on bouzouki, Peter Vorvis on baglama, John Bogis on bass and the females of the company Annemoon van Erp and Sandy Theodorou, on violin and accordion.

Cocktails and mezze were available to attendants before the concert. The tickets, or donation, cost $25.

Tickets sold quickly, and people in charge for the event soon realized there was no more space for other members of the community and had to turn them away.

Hellenic Birthright, the PanHellenic Scholarship Foundation’s new cultural enrichment and education program, has received a Premier Founding Sponsorship from the Stavros Niarchos Foundation (www.SNF.org) with a generous grant of $25,000. The Niarchos Foundation is the largest of a growing list of donors who have made contributions supporting Hellenic Birthright.

Hellenic Birthright has been developed to strengthen the Hellenic connection of college students who have never had the opportunity to visit their ancestral home of Greece. The PanHellenic Scholarship Foundation has selected 15 students from a pool of exceptional and qualified applicants to send to Greece, all expenses paid (less airfare), for a five-week visit. Students have expressed their appreciation and enthusiasm for having been selected to participate in this unforgettable experience that will deepen their Hellenic roots.

“The Board of Directors of the Stavros Niarchos Foundation is pleased to have had the opportunity to sponsor Hellenic Birthright. We believe that their mission to promote education through scholarships and programs exemplifies our goals of achieving a broad, lasting and positive social impact.”

“We are very grateful to the Niarchos Foundation for their generosity in helping to underwrite Hellenic Birthright,” stated Chris P. Tomaras, Founder and Chairman. “The Niarchos Foundation is an ardent supporter of education and the ideals of Hellenism, which we hold dear. We are now ready to implement this new program and we thank the Stavros Niarchos Foundation, together with all our other Donors, for helping us make it a reality. We are looking forward to the students experiencing a most memorable journey,” continued Tomaras.

Hellenic Birthright is being launched in conjunction with Anatolia College and their school of Higher Studies, the American College of Thessaloniki. This unique five-week program offers two accredited courses, tours and excursions that have been carefully choreographed to provide participants who have never been to Greece with a better understanding of its rich history, and create an everlasting bond with their ancestral homeland.

To become a sponsor of Hellenic Birthright, please contact the PanHellenic Scholarship Foundation at 312.357­.6432 or visit www.panhellenicscholarships.org.

The MCA Stage presents a concert of new works by composers Georges Aperghis, Juan Pablo Carreño, and Patricia Alessandrini, along with an important early work by Aperghis, performed by ICE (International Contemporary Ensemble). Aperghis has been a central figure in the music theater movement that breaks genres and features playful, humorous, or aggressive performance techniques in which musicians act and react to their playing. The concert is guest conducted by renowned Ludovic Morlot and is the final ICE concert of the MCA Stage season, and takes place Saturday, May 26, 2012, at 7:30 pm.

Georges Aperghis is one of Europe’s most influential experimental composers. His compositions are theatrical and provocative, ignoring boundaries and expectations, much like his mentor and fellow Greek Iannis Xenakis. Both Carreño and Alessandrini have been inspired and influenced by Aperghis to explore new directions and expressions in their work. All three currently live in Paris, but were born in other countries: Aperghis in Greece, Carreño in Columbia, and Alessandrini in Italy.

The program’s most significant performance is the premiere of George Aperghis’ Shot in the Dark (2011, 30 min). It was commissioned by ICE and created in close collaboration with Ludovic Morlot. It features sixteen ensemble members and soprano Tony Arnold, and is intended to portray a woman sliding from one state of consciousness to another. Musical sequences and Arnold’s voice come and go, playing with and taunting each other. Arnold plays the role of a storyteller using a hybrid language created by Aperghis.

Aperghis’ early work, Signaux (1978, 11 min), was designed as a social experiment that features four string players – two violins and two violas — who musically follow each other too closely and have to engage non-verbal signals to perform this playful, fast-paced chamber music without error.

Juan Pablo Carreño’s Golpe en el diafragma (2012, 14 min) uses noise as a theatrical structure to create sound clusters and waves that collide into a wall of sound by the fourteen member ensemble. The complete range of acoustic instruments is employed, from piccolo to tuba. Carreño composed the work for ICE through an ICElab residency; he will be in attendance.

Patricia Alessandrini’s Ommagio a Berio (2012, 8 min) is a quiet contrast to Carreño’s piece and serves as an ode to the Italian composer Luciano Berio’s Folk Songs, a catalog of international folk melodies. A pianist plays silently while six musicians, crowded around the piano, are challenged to reconstruct a melody by plucking its strings and playing around the instrument. The piano acts as a resonator, capturing fragments of sounds made by the players and soprano singer, Tony Arnold, who performs at the end of the work. She composed the work for ICE through an ICElab residency; she will be in attendance.

Georges Aperghis, born in Athens in 1945, studied music and piano in Greece. He was almost self-taught before he moved to Paris in 1963 and began musical training. Aperghis has paved the way for a new type of music/musician that is political, relevant, and not confined to the conventions of music, theater, and dance. He was a pioneer in this movement and now it is a more common model for contemporary and new music composers. In 1976, Aperghis founded the music and theater company ATEM (Atelier Théâtre et Musique) in Bagnolet, France, outside of Paris. In 1997, he left ATEM to work on personal projects and focus on writing.

Patricia Alessandrini creates all her works from existing music because she sees the act of composing as an interpretation or performance. She has become increasingly involved in multimedia and theatrical work, using live electronic and interactive situations with video and other media. Her work often engages in social and political issues. Alessandrini has a BA in composition from Queens College, CUNY, a PhD from Princeton University, and a diploma from the Conservatoire de Strasbourg. She has taught at Queens College and Princeton and the Accademia Musicale Pescarese in Italy. She is participating in ICELab’s 2012 residency program.

Juan Pablo Carreño is influenced by traditional Columbian music and focuses on sonic and tonal theories in his music. He studied composition at Javeriana University in Bogotá, Columbia, and Florida International University before moving to Paris to study at the Conservatoire de Nanterre. He has participated in multiple residencies, including the 2012 ICELab.

Ludovic Morlot, an acclaimed French conductor, is the recently appointed Music Director of the Seattle Symphony and Chief Conductor of La Monnaie/De Munt Opera in Brussels. Trained as a violinist, Ludovic studied conducting at the Royal Academy of Music and then at the Royal College of Music, both in London, as the recipient of the Norman del Mar Conducting Fellowship. In 2001, he was the Seiji Ozawa Fellowship Conductor at the Tanglewood Music Center in Massachusetts and subsequently appointed Assistant Conductor for the orchestra and their Music Director James Levine. He also served as Conductor in Residence with the Orchestre National de Lyon. Morlot will participate in the Saturday Speakeasy post-show gathering at the MCA.

(ICE) International Contemporary Ensemble is in the second year of a three-year ensemble-in-residence at MCA Stage. The organization was founded in 2001, and has established itself as one of the leading musical ensembles of its generation as well as one of the most innovative young arts organizations in the US. ICE has created a pioneering performer/presenter model that sets a bold new standard for the future of music in the 21st century. A champion of music by young composers, ICE has also given more than 400 world premieres by composers under the age of 35. They are artists-in-residence at the Mostly Mozart Festival of Lincoln Center in New York through 2013.

George Aperghis and the New Generation takes place on May 26 at 7:30 pm, at the MCA Stage, 220 East Chicago Avenue. Individual tickets are $28. Student tickets are $10 and subject to availability. MCA Box Office is at 312.397.4010 or www.mcachicago.org. One free museum admission is granted with an MCA Stage ticket stub, valid up to seven days after the performance.

ARTISTS UP CLOSE

Saturday Speakeasy

Saturday, May 26

An informal post-show gathering provides a special opportunity for the audience to engage with the artists. Snacks, hot and cold beverages, and beer and wine are available for purchase.

Next July, Mousatov will attend the International Math Olympiad held in Argentina. He will still take the Pan-Hellenic entry exams for Greek universities, despite the fact that he already knows the American insitution waits for him.

In September, Mousatov heads to Connecticut, where he will study at the renowned Physics Department of Yale University.

“I am very pleased about everything but at the present time, I think about the upcoming International Math Olympiad because I have to be quite good there, too,” said the 17-year-old student.

Mousatov was one of the six member team attending the Balkan Math Olympiad. He won the gold medal, while four other Greek students received similar distinctions as well.

The young man has already applied to 10 famous universities based in the UK and the USA. Half of them accepted his application, including Harvard, Yale, Columbia, Cornell, Cambridge and Imperial College of London.

Mousatov decided on Yale after they offered him a scholarship.

Greek children of the Community performed traditional Greek dances and taught attendees what Greek heritage really means.

But a Greek festival would be nothing without local cuisine, so a full course meal was offered in a tent taverna at affordable prices. Gyros, Spanakopita, Psari Plaki and Baklava were just some of the community’s best dishes.

During the event, people had the opportunity to visit the Holy Trinity church to admire the beautiful mosaics and stained glass windows. On May 13, Mother’s Day, members of the Greek community had the chance to buy hanging baskets and flowers for their mothers.

Icons and jewelry were also for sale. On Thursday, May 10, young dancers performed Greek Folk Dances.

It was an amazing event, and people exclaimed they can’t wait to attend again next year!

The one-day event was held at the Spangler Auditorium of the Harvard Business School, titled “The Missed Message of the Affordable Care Act: Healthcare for Working Families.”

According to the Association, “the healthcare reform bill has passed, but the debate rages on.” The Harvard alumni stress the fact that “the Supreme Court has just started hearings to discuss the constitutionality of the law, and the issue is central to the upcoming U.S. presidential elections.”

Apart from Dukakis, there were several other distinguished Harvard Professors, all specialized in the medical sector.

Nick Katsoris, the President of the Hellenic Times Scholarship Fund (HTSF), made the opening remarks and introduced Eleni Rodopoulos Kaufman and Irene Hrousis, both of which performed the Greek and American national anthems respectively, and their renditions were exceptional.

Reverend Father Alexander Karloutsos delivered the invocation, and Katsoris went on to introduce Mike Emanuel, the chief congressional correspondent for Fox News Channel, who was this year’s recipient of the prestigious “Humanitarian Media Achievement Award.”

Watch the interviews from the Red Carpet below:

Emanuel was hailed by Katsoris as one of the “greatest role models in the Greek-American community,” and as one of the most “grounded people one will ever meet.” In his acceptance speech, Emanuel thanked his parents for their faith in him, as well as for their unconditional love, and for allowing him to pursue a career that he was passionate about. He went on to congratulate this year’s scholarship recipients, John and Margo Catsimatidis, Nick Katsoris, and his wife and children.

Dennis Mehiel, the Chairman and CEO of US Corrugated, was the recipient of this year’s “Humanitarian Leadership Award,” which was presented to him by John Catsimatidis, Chairman and CEO of the Red Apple Group.

Dressed in an elegant maroon dress, Margo Catsimatidis, the Vice Chairman of the HTSF and co-publisher of the Hellenic Times, announced the names of this year’s scholarship recipients.

The GALA featured such special guests and past honorees as John Aniston from Days of Our Lives, Frank Dicopoulos of Guiding Light, Academy Award-winning actress Olympia Dukakis, Ernie Anastos, and Grammy winner Gloria Gaynor.

The evening featured musical performances from Giannis Ploutarxos and Grammy nominated songbird Maxine Nightingale. Tony-nominated actor and American Idol alum Constantine Maroulis collaborated with Fame Story winner Kalomira. They sang Journey’s “Don’t Stop Believin’” where his powerhouse rock voice blended well with Kalomira’s mellifluous vocals, and their performance was well-received by the audience.

Following Maroulis and Kalomira’s duet, Gloria Gaynor introduced fellow disco diva Maxine Nightingale who sang Donna Summer’s “On The Radio,” as well as a medley of “Hot Stuff” and “Bad Girls,” her hit single “Right Back Where We Started From,” and delivered a rendition of Sister Sledge’s “We Are Family.”

Earlier in the day, the HTSF held workshops in Business, Law and Real Estate, which featured John Catsimatidis, Peter Kakoyiannis and Dennis Mehiel as panelists, and a Media, The Arts and Fashion workshop with panelists John Aniston, Alexis Christoforous, Frank Dicopoulos, Mike Emanuel and fashion designer Joanna Mastroianni. These stimulating workshops were sponsored by Mehiel and John Catsimatidis.

According to Teja Anderson, she stated, “this year it feels very exciting because our son, Jaden Dicopoulos, is a recipient.”

“My wife brought to my attention that this was our seventh year attending this event, and this year we are very proud of Jaden for his accomplishments,” said Frank Dicopoulos. “We support very much what John and Margo have been doing all these years in giving back to the Greek-American community!”

“It’s great to be part of something that continues to grow, not only in its relevance but also in its actual substance,” remarked Olympia Dukakis. Last year, the Oscar winning actress had the good fortune to present Gilles Marini with the HTSF “Artistic Humanitarian Achievement” honor, which she referred to as a “very special” moment. Dukakis revealed that her plans for the future include doing “Prospero in the Tempest with Shakespeare and Company, as well as Electra out in San Francisco, and a movie after next year.”

“It was an honor to be onstage and welcomed by some many inspiring dignitaries,” said 2012 HTSF recipient Philip Smith from Maryland.

“It’s absolutely amazing. I am so happy and honored to be here as the first Greek-American crowned Miss Teen America,” said Eleana Frangedis. For the Greek-American youth who wish to find success in their dream professions in life, she recommends they “always follow their dreams” and “never give up no matter what anyone tells you!”

“The Hellenic Times GALA tonight was spectacular!,” exclaimed Evangelia Douros, an attendee of the event. “I was happy to see Gloria Gaynor there, as well as Maxine Nightingale, Kalomira, Ploutarxos, and Constantine Maroulis.”

“Once again, I thoroughly enjoyed the HTSF’s GALA,” said Maria Dollas. “Last year was the first time I attended this fabulous event with my twins; we loved it so much, it is now a yearly family tradition!”

For more on the Hellenic Times Scholarship Fund, be sure to check out their official website: www.htsf.org.

Washington Post reports that the “Obama administration is closely monitoring the statements and actions of Greek political leaders after the elections.” But he added that, despite the political uncerainty of the country, Greece has to proceed with the already agreed financial reforms.

American officials discussed the potential with Obama, whether Greek leaders might form a viable coalition government or not. The Greek government has to deal with several problems and negotiate with the European Central Bank, the IMF and the EU. The new leaders should be operational, according to the US official, speaking on the condition of anonymity to talk freely about sensitive economic issues.

The article states opinions of prominent economists, who express fears about a world with “instability turmoil,” should Greece exit the Eurozone. Some of them claim that a short-term exit would cause many problems on the markets.

On the other hand, Nigel Gault, chief US economist at IHS Global Insight, said that “if Greece decides to continue with its austerity plan, it will likely mean greater stability but a long period of economic stagnation.” And he added that “either alternative is bad. One is much worse in the short run but has the possibility of things getting better in the long term.”