The Hellenic Radio (ERA): News in English, 08-05-19

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Owe Half GDP

Sources: NET-NET 105.8

A research conducted by the Bank of Greece indicates that households borrowing has increased. We owe half of the GDP to credit cards, mortgage loans and all other kinds of loans. Rise in interest rates and unfavorable economic developments at global level indicate that this crisis will continue. The majority of households spend about 40% of their income to pay for their credit cards and loans. The research also indicates that the higher the income the higher the bank loans.

According to the research borrowing in 2007 was equivalent to 45.3% of GDP with 84% of borrowers paying installments lower than 40% of their income. The data collected shows that 2/3 of households owe to credit cards, 40.1% to mortgage loans, 31.7% to personal loans and 19.1% to car loans. However, tens of households are incapable of meeting obligations.

Most indicative is the fact that 66.7% of households find it difficult to pay rent, 57.9% to pay bills, 57.3% to pay mortgage loan installments and 49.3% to pay credit cards. However, it seems that uncontrollable borrowing is narrowing down as banks are setting stricter terms to grant loans. In an interview with BBC, the president of the European Central Bank, Jean-Claude Trichet has warned that the end of the credit crisis is not visible yet. He underlined that price stability as well as trustworthiness to mid term stability are the two basic factors for stable economic development as well as the creation of new job positions. Rise in interest rates in combination with rises in oil prices make the situation even more difficult for borrowers with the Bank of Greece warning that households will bear a heavier burden from loans in the future.

Translated by Chrisanthi Sarantis

[02] On Police and Civil Protection Issues

19 May 2008 20:35:00

Sources: ΝΕΤ 105.8

Greek Interior Minister, Prokopis Pavlopoulos and his French counterpart, Mich&#232;le Alliot-Marie signed a cooperation agreement on police and civil protection issues in Paris, on Monday. Mr. Pavlopoulos stressed that Greece-France relations in these specific issues could serve as a pilot agreement for the broadening of pan-european solidarity, particularly in view of the assumption of EU presidency by France. Mr. Pavlopoulos also added that the two countries indicate coincidence of views and could promote issues regarding security in Europe, combat of terrorism, drugs and electronic crime. In parallel, a cooperation memorandum between the Interior Ministry and the Organization for Economic Cooperation and Development (OECD) was signed in Paris for the strengthening of reforms in Greeces public administration system.

Translated by Chrisanthi Sarantis

[03] Crete

19 May 2008 18:45:00

Sources: NET 105.8

The murderer of a student in Rethymno was arrested on Monday afternoon in Brahasi, Lasithi. Residents in the area informed the Lasithi Police Crime department. The culprit of the abhorrent crime was transferred to Heraklio.

Translated by Chrisanthi Sarantis

[04] Ancient Korinthos

19 May 2008 16:09:00

By Anna Kourti

Sources: ΝΕΤ

Two 10 year-old boys were slightly injured on Sunday afternoon in Ancient Korinthia, when an iron gate- at an abandoned basketball court opposite a grammar school- fell upon them. The two boys tried to open the 2 tones and 10m lenght gate to enter into the basketball court to play. One of the two boys is hospitalized at Korinthos hospital while the other suffering from multiple fractures was transferred in an ambulance to Paidon Hospital in Athens.

Translated by Chrisanthi Sarantis

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