Sir Steven Runciman's Last Interview - Byzantium Is Us - A MUST READ

This is a republication of the last interview with one of the greatest and most respected Byzantologists to date: Sir Steven Runciman. It was published in the "Pemptousia" Magazine (Issue 4) in December 2000 - March 2001. The interview was conducted at the Holy Monastery of Vatopedi, on  14/7/2000, where he was a guest. He was there to attend a ceremony headed by Ecumenical Patriarch Bartholomew, who inaugurated the new sacristy of the monastery and the holy community of Mount Athos.

PEMPTOUSIA: When did you first come to Mount Athos?
Sir Steven Runciman: In 1936 it so happened that I was traveling on a ship towards Kavala, which approached one of the shores of Athos. The monks approached us in boats intending to help us. I could have got off on the shore, but the ship's captain insisted that we continue our course towards Kavala, and so he stopped me. I got very angry at him and talked back to him in perfect Greek. You see, when I get angry, I speak perfect Greek... In 1952 I visited Mount Athos for the first time, very briefly. A second time followed that same decade, but I was upset because everything seemed to be in a state of deterioration. Later, it was wonderful to see the live renewal when I returned here; it is now a great joy and satisfaction for me to be here, because this fact restores trust in the God-friendly human nature. 

PEMPTOUSIA: What exactly was the motive which lead you concern yourself for the greatest part of your life with the study of Byzantine civilization? 
Sir Steven Runciman:Various reasons drove me to it. When I was 7-8 years old, I started learning Ancient Greek because I liked the classical Greek language. At the same time I was quite captivated by the Middle Ages and almost nobody was interested in medieval Greece. And so I decided to make Medieval Hellenism my main interest: Greece and the neighboring Balkan states, as well as the Crusades, which were utterly destructive, resulting in the devastation of the Eastern Roman state and the enslavement of Eastern Christianity. 

PEMPTOUSIA: Had you met anyone in particular who helped you specialize in Byzantine Studies? 
Sir Steven Runciman:.: When I begun my studies, the top Byzantologist was professor Bury, an academic who first took up studying classical Greece and then Byzantium. But he was a solitary person and did not desire any students. Furthermore, he did not like the fact that he was forced to make me his student. I had a very hard time meeting him. I first met him at his office in Cambridge. He was the most famous history professor there and he tried very hard to discourage me. In the end, he told me that I would waste my time studying Eastern Europe and the Middle Ages, unless I spoke Slavic languages. It so happened that I already knew Russian. In the end, he was forced to accept me. Despite all this, it was not always easy to approach him. Because of his old age and weakness he was absent from his office. That is why I sent him written notes and questions to his house, but they never reached his hands. Later, someone mentioned to me that Mrs Bury believed that Mr Bury should not be bothered with such things, and so she destroyed everything I sent him. In time, I discovered that every morning he took a walk around Cambridge and I would wait around for him to pass by. In fact, he liked having someone escorting him on his walk. I accompanied him holding a notebook and asking him relevant things. Indeed, he had a clever mind and great knowledge. He almost never needed to go back to texts and studies, because he always knew what to answer. In case he did not remember or did not know he would send me his scientific answer after a while . But unfortunately, he was my first and only tutor. After some time I fell sick and left Cambridge. When I later returned, he had died. From then on, I had to proceed with the subject alone.

PEMPTOUSIA: What does the average European know today about the Byzantium?
Sir Steven Runciman:: The average European is starting to learn more, as today there are quite a few Byzantologists. Every year, in Britain, we schedule a Byzantological conference with a great number of interested people taking part. Also, in our universities, the students are showing a growing interest. And on the European continent, in France and Germany, there have always been schools concerned with Byzantium, which were limited I guess, but I am convinced that interest is growing there as well. In America, there is a research institution which is very 'gifted', in Washington DC, in Dumbarton Oaks. This institute was founded by an American millionaire, literally 'in love' with the Church of St Sofia in Constantinople. When I first met her, she was the wife of an American ambassador. Later on, we met in London at a lunch with my parents. She asked me what my profession was, and I answered her 'Byzantologist'. And then she told me that it was something which deeply interested her and she was planning to found this institution in Dumbarton Oaks. For all this I feel that during my long life I have seen the Byzantium being considered something like a dark and almost unknown topic, while today, having many students, I am convinced that it will become more and more widely known.   

PEMPTOUSIA: How do the various people in Europe and America see the Byzantine civilization?
Sir Steven Runciman:.: For the time being, this civilization has not penetrated their conscience too much. But now, through various universities, it is no longer a subject ignored or scorned. On the contrary, it is something that keeps developing vivaciously while in my years it was almost unknown. This realization pleases me and encourages me for the future.    

PEMPTOUSIA: How do the people of a Western outlook feel concerning Mount Athos? How do they see it?
Sir Steven Runciman:.: I think that for them it is a puzzling place, and certainly women do not understand almost anything about Mount Athos. Of course, the visitors who come here return enthusiastic, and you now have Prince Charles as an admirer, who very much desires and is happy to stay with you.

PEMPTOUSIA: This is why he recently stayed at Vatopedi for three nights.
Sir Steven Runciman:: Yes, he pretended he was stranded because of bad weather on the Mountain. But things were very different. He had told the people on the yacht which transported him to wait for him in Thasos, because he had supposedly seen a big storm. And, indeed, he had a lovely time.

PEMPTOUSIA: What do you believe about the presence of Orthodoxy in modern Europe?
Sir Steven Runciman:: Sometimes – what can I say – I feel very disappointed from the other Churches of the West. However, I am glad with the thought that within the next 100 years Orthodoxy will be the only historical Church existing. The Anglican Church is in a very bad state. The Roman Catholic Church keeps losing ground. But, fortunately there is the Orthodox Church. The increasing number of people embracing Orthodoxy is impressive, especially in Britain. I believe it offers real spirituality which the other Churches cannot transmit any longer. All this leads me to the conclusion that Orthodoxy will be sustained, in contrast to the others.

PEMPTOUSIA: What do you think Orthodoxy could offer a united Europe and generally the whole world?
Sir Steven Runciman:.: I should say that I very much doubt we will ever have a united Europe or world. I believe, however, that it offers a wonderful solution to the problem of unity among the Orthodoxy peoples, because to start with, it does not project nationalism at all. But also because through it are given wider and more liberal views in comparison to the Roman-Catholic Church. All this fills me with the conviction that Orthodoxy has a certain and very good future ahead of it.

PEMPTOUSIA: Which Byzantine figure do you admire the most and why?
Sir Steven Runciman:.: This is a very difficult question...! I am interested in so many personalities. But mostly I admire some religious men. Generally, the non-spiritual but important people of the Byzantium are not, generally, for me worthy of admiration, some of them have certainly offered something. But I believe that some spiritual statures are more admirable. They have offered a lot of things and service to the European civilization.

PEMPTOUSIA: In the monastery of Vatopedi, the renown saint and great advocate for Orthodoxy Gregory Palamas, started off as a monk remaining here for three years. The Church and especially the fathers of Mount Athos admire him a lot and highly honor him. What does the West say of him?
Sir Steven Runciman:.: There still exists a prejudice against the Palamites, those who accept his theology. Personally, I find comfort in his dogmas, despite the fact that others are against it.

PEMPTOUSIA: Would you support the idea of St Sophia functioning again in the City (Istanbul) as a place of Orthodox worship?
Sir Steven Runciman: I would like that a lot, but I doubt that something like that could happen. But it would make me very happy.

PEMPTOUSIA: What do you think is the quintessence of the Byzantine empire throughout its very long history?
Sir Steven Runciman:: I think I would have to give an answer that would take a long time. In brief, the Byzantines always maintained―even if in some cases they did not fully achieve it―a high level of spirituality, and I think that this is probably the quintessence, their most important element. And I would emphasize that it is a broad and free religious state. For example, the Byzantine missions in Europe encouraged the publication of holy texts in the language of the newly formed Christians. Rome would never have done such a thing. This is something, among other things that I very much admire about the Byzantines.

PEMPTOUSIA: We believe that Mount Athos constitutes, in general, the continuation of this Byzantine tradition.
Sir Steven Runciman:: Certainly.

PEMPTOUSIA: And we feel greatly pleased with the progress of modern monasticism on Mount Athos.
Sir Steven Runciman:: Certainly the 'revival' of this holy site justifies the hopes of many of us. Here, one feels what Orthodoxy truly meant for the Byzantine leaders and its people. Anyhow, it is undergoing a rebirth here.

PEMPTOUSIA: Some claim―and we would like Sir your view as an authority―that Ancient Greece was a glorious and wonderful civilization, which undoubtedly it was, while the Byzantine civilization was a dark period in the Middle Ages which repels them. Can you tell us something in relation to that?
Sir Steven Runciman:: I always object against this stance! In Byzantium there was high ethos! Regarding Byzantine art there was almost never a correct appreciation of it. I personally believe that some Byzantine mosaics are more precious than all the ancient statues of the classical age. There is a lot of rattle around the Elgin marbles. They don't evoke such an admiration from me; I would prefer older works of art like for example the 'Kores'. I would never desire to own statues of realistic nature, completely human. I would be excited if they had a spiritual dimension in them, like the so expressive (expressionistic) Byzantine creations which are unique and almost unrepeatable. Something which has occurred during my lifetime is the appreciation of the various Byzantine Arts, and the decrease in the exclusive focus on the the Arts of the Golden Age of Athens.

PEMPTOUSIA: Sir, we thank you very much for your kind disposition to talk to us and we hope that holy providence will grant you more years of life, so that you can transmit your knowledge to the ones that follow in your footsteps, who in their turn will prove that the life and heart of Byzantium was, is and will be Orthodoxy.
Sir Steven Runciman:: Yes. Of course, I am already 97 years old and don't know if I can still offer anything else. But I feel revived with this visit of mine to Mount Athos.

PEMPTOUSIA: Before we finish, one last question, what did you think of the Vatopedian choir?
Sir Steven Runciman:: I liked their chanting. It is distinguished by the lack of worldly music and creates in me a transcendent quality, which should exist in Byzantine music.

PEMPTOUSIA: We once again thank you for your trouble and your good intent to speak to us, as an expert in Byzantology, about your appreciation towards Orthodoxy as the quintessence of the bright Byzantine civilization.

BIOGRAPHICAL NOTE - The eminent Byzantologist Sir Steven Runciman was born on the July 7, 1903. He was the grandson of the tycoon Sir Walter Runciman (1847-1937) and son of the politician Sir Walter. He studied in Eton and Trinity College of Cambridge, where he was a student of the famous professor of Modern History and Byzantologist John Bagnell Bury. He taught at this university from 1927 to 1938 and remained an honorary member until his death. He also taught in many universities in America and Europe and in the University of Constantinople from 1942 to 1945, where he taught Byzantine History and Art. He served in many diplomatic positions (an attendant of the British embassy in Sofia and Cairo) and served as a representative of the British Council in Greece from 1945 to 1947. He was a member of the British Academy of Athens, and he has been honored with numerous university degrees. Passing through Greece had the opportunity to meet, among many others,  Giorgos Seferis, Aggelos Sikelianos and Dimitris Horn.    

This prolific historian wrote many works that quickly became as famous on an academic level as among the vast reading public. His first works are: the Roman Emperor Lekapenos and his Reign (1929), Study on the 10th Century Byzantium, The First Bulgaric State (1930) and Byzantine Civilization (1933), which he wrote when he was a lecturer in Cambridge University. The Middle Ages Manichaeism is a study on dualistic sects during the middle ages. An important work of his is also the three volumed History of the Crusades (1951-1954) completing the Sicilian Vespers, a detailed history of the Mediterranean countries and civilizations of that era and the conflicts of the then political and national interests. But just as important other works of his are: The Fall of Constantinople (1965), The Great Church of Christ in Captivity (1968), the Last Byzantine Rebirth (1970), the Orthodox Church and the wordily state (1972), Byzantine Rhythm and Civilization (1975), The Byzantine Theocracy (1977). Many have been translated into Greek. Sir Steven Runciman has through his studies and work revived the Byzantine civilization from scientific indifference and research shunt. Through his work The History of the Crusades he essentially altered the beliefs of the West about the Crusades. The Times newspaper wrote for the great scientist's contribution on the particular subject: “Mapping the Middle Ages period of the endless gap between East and West in the Middle East, Runciman certainly leaned towards the Byzantine side against the prejudice and looting with which the West was occupied”

Greece honored him with a gold metal of the city of Athens (1990) and the Onassis prize (1997).

Sir Steven Runciman passed away on the November 10, 2000, or at the time when the above interview was being put together. 

 Greek: http://www.pemptousia.com/
Translated by the Holy Monastery of Pantokrator

SYRIZA Spokesman - Gas Masks and Molotov Bombs are Common Household Items!

The scene outside of the Athens University of Economics (former ASOEE) on Patission street was similar to that of a Kabul market, rather than the grounds of enlightenment over the past few years or ever since illegal merchandise began being sold there by foreigners. Whenever the police attempted to crack down on this operation, the migrants who were selling these contraband goods were usually (protected) and supported from various groups from within the university. But all of this ended last week when the Public Order Ministry decided to crack down on this operation and literally entered the university grounds, made arrests and seized illegal goods.

When the illegal merchants realized that the police were going to perform a raid, they ran into the University in order to find shelter thinking to themselves that the ridiculous asylum law would prevent lawlessness to continue. But they were wrong. The police, who planned out the operation really well, entered the University grounds and in the presence of a Greek prosecutor not only made arrests but also confiscated their goods. Much to their surprise, they not only discovered contraband products, they also discovered a plethora of other items (similar to those found at Villa Amalias -an anarchist hangout - several weeks ago) such as items to create Molotov bombs, gas masks and dangerous bludgeon clubs.

When the raid occurred SYRIZA openly criticized the Ministry of Public Order, and spoke about a violation of the university asylum. Of course they remained silent about the contraband goods.

Zoom to the present day and to an interview with Alpha Radio that received much criticism from all political parties. SYRIZA spokesman Panos Skourletis surprised reporters on Alpha Radio on Wednesday morning when he said that the items found at ASOEE -such as gas masks, bludgeon clubs, empty beer bottles, flammable liquid, etc., are very common and can be found in any household! (????)

When asked to comment on his party's recent criticism of this particular police operation Skourletis insisted that the raid disrupted the operations at the university and slammed the reports claiming that radio devices or other transmission merchandise were also found at the scene.

Of course Skourletis remained silent about the contraband products that were also found at the university and the fact that the storage rooms at the ASOEE were being used to store illegal goods.

For argument's sake, let's say we all have bludgeon clubs, flammable liquid, empty bottles and gas masks at home... Which we don't but let's say we do. Do we also have contraband products or devices that operate illegal radio stations and/or other types of transmissions Mr. Skourletis?

HELLLLLOOOOO!!!!!!

The results of the police raid at ASOEE were exactly as expected. The operation puts an end to an illegal radio station that was broadcasting from the university and all empty beer bottles, bludgeon clubs and contraband products, etc., were seized. At the same time 16 people were arrested.

Reports say that SYRIZA's youth was well aware of what was going on at the university and some reports are even pointing the finger at them and charging them with coordinating these operations (both at ASOEE and at the Villa Amalias). This kind of explains why SYRIZA's spokesman was so keen to support the illegal activities at the University earlier today.

Something is definitely wrong in this country. Chaos and lawlessness have been baptized as being something "progressive" and common sense and respecting the law has been baptized as being something "alien".

ELEOS Pia!

On Thursday Skourletis was invited on Popi Tsapanidou's morning talk show, which is broadcasted on  SKAI channel and asked to comment on what he declared on Alpha radio. Fast forward the video below to 12 minutes into the interview and you will hear him twisting his own comments around. If you make any sense out of what he says... by all means drop us a comment because we sure as hell cannot!

Click here to watch the video

Target for Absorption of EU funds in 2nd Half of Year Attained

The year 2013 was beginning with some positive news on the NSRF (National Strategic Reference Framework, or ESPA), as Greece attained the target for absorption of these EU funds earmarked for Greece in the second half of 2012, Development, Competitiveness, Infrastructure, Transport and Networks Minister Costis Hatzidakis said on Wednesday.

Briefing the press on the progress in absorption of the NSRF funds, Hatzidakis added, however, that management problems continued to exist, although 60 of the red tape has already been reduced, while by February new announcements will be made regarding the acceleration of the judicial process and for reducing various costs. He stressed that market liquidity continues to be the biggest problem, but expressed optimism that the "bulldozers will take up work as of April and there will be an acceleration in the absorption of funds".

Hatzidakis added that the recapitalization of the banks is expected to improve the liquidity level in the economy, which had been the major stumbling block to absorption of funds last year.

The minister explained that, in the annual expenditures for 2012, an 'exceptionally ambitious' target of 3.73 billion euros in EU funds had been agreed in the Memorandum, of which Greece, in the second half of the year managed to exceed the target for that period, attaining 102.64 percent of the target, bringing NSRF expenditure to 88.39 percent of the annual target following a shortfall in the first half, in which only 59.52 percent of the target was absorbed. (AMNA)

Surplus of 2.3bln Euro Recorded In Jan-Nov Period

(Photo credit: 401(K) 2012)

Greece's government budget apparently posted a primary surplus of some 2.3 billion Euros, on a non-consolidated basis, in the first 11 month period of 2012, against a primary deficit of 3.6 billion Euros that was recorded in the corresponding period of 2011. The Greek Finance Ministry said on Wednesday that the figures remained at the same level as the 10-month period of 2012, with a reduction of 119 million Euros in the state's outstanding debts in November.

At the same time the ministry noted that the General Government data of January-November 2012 "confirms the satisfactory execution of the budget", noting that "these positive developments in the execution of the budget indicate that the effort fiscal streamlining, adjustment and discipline are bearing fruit, while the conditions are also being created to gradually re-start the economy, aiming for the country to move on from a deficits cycle to a cycle of sustainable growth, on firm foundations".

KEELPNO Warns of Health Risks From Burning Wood Indoors

The Center for Disease Control and Prevention (KEELPNO) on Wednesday added its voice to those warning of the health risks of the increased use of fireplaces and wood-burning stoves by Greeks anxious to cut down on their heating bills, warning that burning wood indoors released at least 30 times more air pollution than using a well-maintained heating oil or gas-burning boiler. According to the Center for Disease Control and Prevention, atmospheric pollution measurements across Attica show a significant increase in PM-10 air pollution particles. KEELPNO warned that such an increase in air pollution can lead to health issues such as respiratory problems as well as aggravating allergies and even disturbing the neurological and reproductive systems.

2013, the Mayan Calendar and the stories of the end of the world

English: Mayan calendar created by a modern craftsman (Photo credit: Wikipedia)

The Mayan calendar that many say predicted the end of the world this December of 2012 was a little off.  Actually, it was quite late. In truth, the world ended approximately two decades ago.  Oh, we are still physically here and breathing.  But what are we?  Who are we?  Is this really the  phenomenon that we call living?  We had a fairly balanced world.  We had progress in human relations, respect for the human dignity of others, people becoming free from oppression.  We had the rule of law, international law.  We had a semblance of civilization.  We had human rights.

Basically, civilization can only happen when those with power respect the laws founded by mankind to prevent abuses...international law, the Geneva Convention, the UN Declaration of Human Rights are examples.  The inviolability of borders, respect for one's neighbors. However, it just so happened that one powerful country went mad.  Mad with the lust for power and resources.  It decided that it is not bound by such laws.  It decided that, like its capitalist social system, it would operate on the law of the jungle.

The big and the powerful would eat those who were weaker and could not defend themselves.  The world lost its alternative to unfettered, unbridled greed. All pretense of "defending": itself was removed.  The power became haughty and insatiable for more power and more resources, not caring how many millions it had to destroy to achieve its aims of global domination.

The first victim was Yugoslavia.  Gangs of terrorists from their Afghanistan campaign entered the country in order to destabilize it. With the force of arms, not of law or even dedication to the principles of the democracy they claimed to support, they fractured the country and tore out its heart, making the heart of that country, Kosovo, into a hotbed for drug trafficking, people trafficking and terrorist trafficking.

Iraq, Afghanistan again and Libya became its victims.  Now their efforts are concentrated on Syria.

We also have these hungry, insatiable, gluttonous power elites taking away from the workers every achievement made in the previous decades.  The workers are expected to fund every error, every miscalculation and every vestige of greed of this power elite.  They call it "austerity."  It is nothing short of outright thievery and robbery.

Not only are wages affected, but basic rights.  The right to education.  The right to housing.  The right to health care.  Pay or die.  Pay or the lights get shut off.  Pay or there will be no heat.   Pay or you will be thrown out in the street. And the world has changed...ended as we know it because people remain largely silent, perhaps turned into zombies by a Goebbels-like corporate media.  They remain apathetic while the world as we knew it, civilization, is collapsing around them.

They might only wake up when the savages are knocking on their door.  When the unbridled terrorism personally affects them.  When their wives and daughters are raped, have their breasts cut off.  When their sons are castrated, beheaded.  When their homes are burned to the ground or they are evicted from them.

Until then, it's just happening to someone else.  Nothing can be done about it.

Voices were meant to be raised.  Life was meant to be lived.  People were meant to be free from the horror of terrorism, violence and mutilation.  It may serve the so-called super power, but it is not an acceptable presence on this planet.

So the question is, will 2013 take us back to those values so treasured by our forefathers or will we continue to allow our world to end.  Will we allow civilization and the respect for law to end?  Do we really think the law of the jungle..the bomb bay door and the barrel of the gun is the way we want to live in 2013? pravda

4.4 Earthquake On Crete

An earthquake registering 4,4 on the Richter scale was recorded on Thursday, at about 10:39 am. The epicenter of the quake was said to be north-east of the island or 101 km from the city of Pirgos, in the prefecture of Ilia. The depth was registered at 9.9 km.

Specifically

Magnitude - 4.4

Date-Time
Thursday, January 03, 2013 at 08:39:09 UTC
Thursday, January 03, 2013 at 10:39:09 AM at epicenter
Time of Earthquake in other Time Zones

Location
34.086°N, 25.087°E

Depth
9.9 km (6.2 miles)

Region
CRETE, GREECE

Distances
101 km (62 miles) S of Pirgos, Greece

Does Greece Need Another Bailout?

 (Photo credit: wstera2)

When it comes to the main sovereign story of 2011 and 2012, namely the endless bailout of Greece, now in its third iteration, the conventional wisdom is that courtesy of the near elimination of the country's private sovereign debt and the fact that its official foreign debt held by benevolent taxpayer funded globalist powers (IMF, ECB, EFSF) has been mostly converted into a zero-coupon, perpetual piece of paper, the country is fine. After all it has no debt interest expense to finance, and the only shortfall it has to plug is that created by its primary budget deficit (which as we showed earlier is "improving" on a year over year basis not because the economy is improving, but because the Greek government is simply refusing to pay its bills). So there is nothing more to do but sit back and wait while the economy slowly recovers, the unprecedented internal imbalance with Germany is gradually aligned, are the unemployment rate drops, (while hoping that the population does not die out first) right? Wrong.

What everyone is forgetting is that the heart of the Greek problem is not the Greek sovereign debt, and certainly not the rate of interest, but the fact that Greece's financial system, i.e. its banks, are utterly insolvent: and with the private banking system no longer creating money by handing out loans to a just as insolvent broader population (and the ECB certainly no longer injecting direct liquidity into the Greek economy) there is little that supports any form of economic growth (the Austrians out there will immediately recognize the problem: if money is not being created, the economy is not "growing", period). After all there is a reason why of the countless billions in Greek bailouts, of which the majority was used primarily to fund interest and maturity payments to other banks such as Deutsche Bank, the biggest portion that remained on the ground in Greece never made it to the actual people, but served to prop up the Greek banks, some €50 billion.

What was this money used for? Simply said, to plug capitalization shortfalls arising from one of two things: i) a gigantic outflow of deposits from the local banking system, as Greek lost all confidence their money was safe in the local banks, which meant Greek banks had to promptly find the money to pay their depositors lest a countrywide bank run developed which would then result in a Europe-wide financial panic, and ii) the soaring notional amount of non-performing "bad" loans, which remained as placeholders on the bank balance sheets, market at whatever mythical number the local accounts let the banks mark them at, but which generated zero inbound cash flows. Which, incidentally, would mean that deposits were undercollaterialized, and the realization that NPL levels are stratospheric and going higher, would lead to i) and the appropriate dire consequences.

Which brings us to the topic of today's post.

Moments ago Kathimerini reported that in 2012, the amount of non-performing loans has exploded by a laughable amount, rising some 50% from December 2011, when it was "only" 16% and stood at a gargantuan 24% last month (indicatively, in the US this would mean that some $1.7 trillion in loans was nonperforming). And therein lies the rub, because as Kathiermini prudently notes, the "bad loans come to a considerable 55 billion euros. This means that the sum of NPLs already exceeds the total funds set aside for the recapitalization of the local credit system, which amounts to €50 billion."

Oops.

This means that not only every single euro allotted for the bailout of the Greek banking sector has been used up to plug a gaping NPL shortfall, but already Greece is €5 billion short.

Sure enough, the last thing Kathimerini would want to do is give people the impression that, once again, their deposits are effectively impaired with the soothing proclamation that "there has been a notable improvement in economic conditions that is reflected in the significant slowdown in the rate of creation of new bad loans."

So 16% to 24% is a slow down? Maybe the fact that Greek unemployment is rising at "just" 1% of total each month is also a "notable improvement."

credit zerohedge

No, we doubt Kathimerini would be so audacious to proclaim the above chart of Greek unemployment as "notably improving". But that's a problem, because the level of NPL, the level of unemployment, and the general state of the economy (whose Q3 GDP imploded by 7.2%, the worst quarterly drop following a 6.7% GDP decline in Q1, and 6.3% in Q2) are closely linked, and one can't improve without the other. And usually the catalyst the drives an overall bounce in the economy is some endo- or exogenous source of money demand and creation (usually for nations in depression it involves war).

Absent that, there can be no improvement.

Which, following the preceding optimism, is precisely what the Kathimerini author admits: "However, unless the growth of new NPLs is contained, banks may need yet another recapitalization process at the end of 2013, the same sources say."

In other words, dear Germans, the country that you, and everyone else, though is now saved and needs no more bailouts, at least according to the current Finance Minister, not the previous one who now it appears was avoiding paying his taxes like the plague (ah yes, the Greek tax collections "issue" - a fun topic for another day), is already down €5 billion and in need of bailout Number 4.

Expect this news to be sprung on a witless Germany in the coming months, but most likely not before the Merkel reelection. After all the last thing Germany needs to understand is that the hundreds of billions "invested" to preserve the Eurozone have achieved precisely nothing, and the gaping black hole is bigger and blacker than ever before.

But at least the hedge funds who bought worthless Greek bonds at 15 cents on the euro and made three times their money in three months, are happy.

Everyone else, i.e. the Greek people, good luck. For the fourth time. zerohedge

LOL- Jesus Was Not Born In Bethlehem Stupid He Was Born In FYROM, Say Slav Archaeologists (VIDEO)

English: Icon of Jesus Christ (Photo credit: Wikipedia)

Next Christmas, forget Bethlehem and rush to Bethlehemo!  (With a casino nearby!)  Friends... The situation is very grave and regrettably its becoming a Déjà vu from "One flew over the cuckoo's nest". After Alexander the Great, Mother Teresa and Bulgarian kings, even the greatest figure in Christianity was discovered to be FYROManian.

If you thought that Jesus was born in Bethlehem, well then think again! FYROManian archaeologists claim he was actually born in a village near Ohrid in FYROM, and the Son of God was even known as the "FYROM" boy!

Yes close those history books, FYROManian archaeologists miraculously "discovered" that Jesus Christ was their native fellow and they say they can prove it!

The archaeologists, calling themselves, descendants of Jesus Christ, maintain that they have found the exact place where Jesus Christ was born and state that the son of God was not born in Bethlehem, but in the village of Bethlehemo near the town of Ohrid, FYROM.

There is evidence that this is the place where Jesus was born. This place existed in ancient times and this is proved with texts in the Bible which was revised by FYROM's government several months ago. During the rule of Justinian, the village went through an economic revival. In the period of the early Christianity this place was famous for the birth of Jesus," scientist Avram Jakov explained. (Article in Greek Taxalia)

Editor - Oh my.... no comment