A first for the village

FOR the first time in our village there has been a successful Christmas Bazaar. There is always one in the main village annually, but this year three local groups came together to hold their own, and should be pleased with the results - although the weather did not co-operate. Originally they had hoped to place the tables full of Christmas around the village square, but threat of rain drove them to their back-up plan - the Church Hall.  This spacious building was more than enough for the groups who had made their arrangements to be there. Of course there was food and drink, together with a great many last minute presents for those who did not have time or the inclination to go further afield for shopping.

 

 

Housing deadline extended

IN a move designed to help home owner through the current difficult times does not appear to really be enough, but at least it shows that authorities understand the dilemma that many are facing. 

  Greece will extend by another year the moratorium on home repossessions for debts up to 200,000 euros, according to legislation submitted to Parliament on Monday.

  Until the end of 2013, banks will not be able to seize the homes of customers if they are their main property - regardless of how much is owed - or if the amount owed is less than 200,000 euros.

Non-performing loans at the end of September stood at 52 billion euros, which was 22.5 percent of all loans – a rise of 7.5 percentage points from the end of 2011. More than 15 billion euros of these loans are mortgages.

  The legislative act submitted by the government also foresees individuals and businesses renting commercial properties being able to terminate their contract by paying one month’s rent to the landlord.

Where's the good news?

CHRISTMAS always seems to have an air of gloom, despite the otherwise festive period. For Greeks the gloom is  ongoing with further news confirming that the confirming that the country still has a very long way on the road to recovery.
  Greece's unemployment rate in the 3rd quarter of 2012 was 24.8 percent compared with 23.6 percent in the previous quarter, and 17.7 percent in the corresponding quarter of 2011, official statistics showed on Thursday.
The number of employed amounted to 3,739,018 persons while the number of unemployed amounted to 1,230,918, the Hellenic Statistical Authority (ELSTAT) said.
   The number of employed persons decreased by 1.4 percent compared with the previous quarter, and by 8.3 percent compared with the 3rd quarter of 2011.   The number of unemployed persons increased by 5.3 percent compared with the previous quarter and by 40.2 percent compared with the 3rd quarter of 2011.

A sorry software saga!!

HOW many beans make five? That's easy of course. How many e-mails to solve a simple software problem -15 and counting!!

  Earlier this year I purchased Hallmark Card Studio 2012. It's a great programme to design and print birthday cards etc. It's from a really big company and allows me to design personal cards for anyone of family and friends and  print out unique cards. After changing my main computer I re-installed the software, but there was a small problem. I uninstalled and re-installed but the problem was still there. So an email to customer services was dispatched. Ten mails later I finally got a reply from their technical division - Uninstall it Mr Williams and then re-install!!

  I mailed again, meanwhile I also had 10 offers to buy the new 2013 programme but no answer from Hallmark, they did not recognise the order number which Hallmark themselves had generated.   Eventually came a reply which was to offer their apologies for the service (sic) asking for all the details again of the problem. Now I have a list of ten people's names at Hallmark - but no solution. Suddenly came another new name offering to solve a problem which I do not have which they think I have, Another name to add to the list.

  To  date  still  waiting  for  this to be  finalised  - watch  this space .

   *   *   *

UPDATE: A voice of commonsense has solved the situation. Sherwin in Customer Services must have read all the mails that flew back and forth. A quick chat and five minutes later I was offered Card Studio 2013 for free- good result, a situation that should have been sorted weeks ago.

 
 

Up close & personal

 A GOOD friend of ours is president of a local Anatolian Union, and annually they have a big get together with a meal, wine and entertainment. This year it  was staged in Heraklion, and along with a couple of English friends we went along for the experience. There were several people there that we knew, mainly from the village, and the meal, although late (nothing unusual in that) was first class and plenty of it. There was also wine and soft drinks always on tap so you never went dry.

   These events are always very sociable and we get new acquaintances each time but  the highlight for many was the dancer as she gyrated around the area, finishing up on the tables to allow a very up close and personal experience for many. Our parting words - "see you next year"

Best donuts - every year!!

There is always something happening with our KAPI, social group here in Hersonissos, Crete. Today it was national Loukoumades (Donuts) Day and the ladies of the group were in the offices early with their flour, yeast and honey to set about making them.
  These delicious deep fried yeast balls are crisp on the outside and simply soft in the middle. Just to make them even more acceptable they drizzle them a honey/water mixture and then dust them with roasted nuts.
  Anybody passing through the area had to chance to sample them, free of charge and there were plenty of takers for this simple but delightful offering.
  It's a simple way of making sure that the communites stay in touch and nobody can resist having a plateful - or even more given the chance. (Pictured: Ladies from the KAPI prepare more plates)

A little step forward

WITH austerity the worst word to use in Greece, at least there seems a little light at the end of the financial tunnel, after a lengthy meeting this week.

  Greece received a two-year extension to its fiscal adjustment programme, but no decision was made on the disbursement of an outstanding 31.5 tranche of an EU/IMF bailout loan at Monday's Eurogroup meeting of eurozone finance ministers in Brussels.

 "Together with the Greek adjustment program the Eurogroup will further discuss (Greece's) financing needs and debt sustainability at an extraordinary meeting that will be convened on 20 November," the ministers said in a joint statement that was read out by Eurogroup president Jean-Claude Juncker at a press conference after the meeting, adding that a few more "prior actions" remained to be implemented by the Greek authorities by then.

 The Eurogroup acknowledged the considerable efforts made by the Greek citizens and welcomed the resolve of the Greek authorities to put the programme back on track, particularly after parliament's adoption of a "substantial set of reforms (omnibus bill of austerity measures) as well as a convincing budget for 2013" on November 7 and 11 respectively, Juncker said, adding that "these have received a preliminary positive assessment" by the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) Troika of Greece's international lenders.

 He said that the ratification process for the disbursement of the next tranche by the eurozone national parliaments will begin shortly before November 20, after which the Eurogroup will convene again, possibly on November 26, either in person or by teleconference, to ascertain whether everything is in place for the final approval of the next loan tranche to Greece.

 

TOUGH TIMES AHEAD

 AS winter looms, there are more and more signs that the Greek economy still has a very long way to go. All around the major towns and cities there are for sale and to let signs up as desperate people make every effort to make ends meet, but they are finding it very tough. Here in our village, which has virtually closed down for the winter, every lamp-post is full of yellow signs which have telephone nunber on them with apartments vacant.

LOW WAGES, HIGH PRICES

  One button that a country living beyond its means has to press is marked ‘cost cutting'. Greece has done that. Wages are plunging at the behest of international creditors who are keeping the country alive on a drip-feed of aid.

  By the end of this year, the entire surge in the average cost of labour per unit of output from 2001 to 2009 will have been unwound, according to a draft European Commission paper.

  The drop in nominal unit labour costs this year alone is projected to be 8.7 percent - not surprising given that the unemployment rate is 25 percent.

But wages are only one input among many that determine prices. The most comprehensive gauge of a country's cost competitiveness is its real, or inflation-adjusted, effective exchange rate (REER) relative to its main trading partners.

  And in 2011, Greece's REER was still 18-20 percent above its 2000 level, according to Eurostat, the EU statistics agency."Of course the issue of prices concerns us. There's a problem, and we're aware of it," Athanasios Skordas, deputy minister for economic development and competitiveness, told Reuters.

Inflation is falling - it was 0.9 percent in the year to September - and economists expect it to come down further.

  But to thoroughly convert wage to price competitiveness will entail a daunting array of reforms, such as making it easier to start a business and removing barriers to competition in key markets such as energy.

Platon Monokroussos, head of financial markets research at Eurobank in Athens, said these market rigidities were one reason why falling wages had not translated into a quicker drop in inflation.

APOLOGIES ALL ROUND

Robin & Pat Williams

FIRST  we must say thank you to the regular followers of this blog, we now have more than 15,000 viewings in more than 86 countries which is fantastic.

  As some of the posts and photographs pages were getting a little old we have taken them off. Some have been refreshed and more will follow to replace them. Again thanks to you all, have a good festive season, and keep on reading our news and views from Crete and from Greece.

Weekend in Chania

THERE is so much on the island of island of Crete and we had the opportunity of exploring much of the western end and particular the Chania end at the weekend. This was not a trip organised by our senior citizen organisation, but another and exceptionally good value.

First port of call on the route to Chania was the area of Askifou, Sfakia and in particular the war museum founded by George Hatzidakis and his family following the events of 1941. Germany gained control of most of Europe and it was decided to invade Crete in the largest airborne attack ever staged.

Defending the island were some 40,000 British, Australian and New Zealand troops, as well as 10,000 unarmed troops from Greece. Some 500 Junkers planes were loaded and sent to take the island, but it was a disaster as some 90% of the first wave were destroyed. It took until the end of May before the fighting was over, but it was a mistake that Hitler never made again. The museum is a personal effort by the family and well worth the effort to see.

It was then over the mountains to the coastal area were some many troops were rescued from before returning to Chania and our hotel, and time to make personal explorations of the town. There was a surprise by the next morning, when we discovered a local market behind the hotel and there was time to explore before breakfast, and bag a few bargains.
  First point of interest today was the monastery Agia Triada, dating back of the 1600's, well preserved and maintained it was a perfect setting for photographs before going to the traditional village of Elos famous for its chestnuts. Someone in the party brought more that 20 kilos of them so they must be good!! We had a modest half kilo.
  Then it was the famous springs at Argyopolis for a cracking lunch, time to buy the famous sour dough bread at Georgeopolis some cheese at a famous maker and a break at Rethymno before returning tired and well fulfilled.

Free wine and another party!!!

 WE have been in our village of Old Hersonissos for eight years, but tonight was the first time in this period that the village had a Carnation celebration.It's an old tradition that they decided should be returned to the village, and it was a great success. Carnations are big business in this area and the growing season starts in November, hence the party. The square was blocked off. There was as much free wine as you could manage, good prices on other drinks and a steady supply of souvlaki (meat on sticks) for those who needed feeding.

  We certainly hope that this is an event that will stay in the village calendar for many years to come. It started slowly, but the Greeks always party late and, as the evening wore on so the square filled up. Live music and dancing of course and the party went on into the small hours.

When No really means NO!!

THE traditional Oxi Day (No Day) is celebrated throughout Greece in one way or another,. Because of the situation in the country at present that has brought about many changes, including demonstrations against the country, mainly by students. 

  The biggest parade here in Crete is usually at Heraklion, but we decided to give that a miss this uyear and went to enjoy the parade here in Hersonissos. It was centred around the big church, attended by council and church dignitaries, and then the parade started. Although there was no marching band, the parade assembled to packed local streets and they came in their hundreds to march through to loud music. It was great to see so many young children respecting their history, with many of them  in national costume.

Another big investment for Crete

THINGS must be picking up in the Greek economy, despite recent problems, when the Minoan Group announced that they are planning a new leisure investment of 250m Euros, and it will centre around the area of Lasithi, and by this we mean near to the proposed new airport.

  Minoan Group Plc’s operations in Greece currently centre on the development and subsequent operation of what they plan to be a new landmark for tourism in Greece. The project will include a number of small to medium sized hotels of extremely high standards, both in terms of the service offered and environmental credentials.

  It is the Group’s intention that the development and operation of the Project will be undertaken with financial and other partners of substance. These partners will include Hotel Operators who are capable of enhancing the Group’s vision of a very high quality, environmentally impeccable tourist destination with long term sustainability built in to the design and operating procedures.

  The site for the Project is the Cavo Sidero peninsula, a spectacular location extending into the Mediterranean from the North Eastern coast of Crete in the prefecture of Lasithi. The site, in the locality of Itanos, will be held on a long lease granted by the Ecclesiastical Foundation, Panagia Akrotiriani and comprises 25,000 stremmata (over 6,000 acres). It has 28 kilometres of coastline, numerous secluded bays and inlets as well as an interior with rolling hills where herbs such as thyme and marjoram are part of the natural vegetation.

  With a built footprint of less than 0.5% of the site the Project aims to preserve the landscape and leave more than 90% in its natural state and create conditions for the regeneration of vegetation.

  The history of Itanos began 5.000 years ago and the broader area is rich in archeological sites. These include ancient palaces and towns, including the partially submerged ruins of Itanos itself. Together with old tales and traditions they form a unique cultural heritage. .

In the North East of the area they have designed a project to blend in with and complement the landscape. It will be a new destination for Crete and Greece.

   The construction cost of the new project is estimated over 250 m. Euro and will be undertaken through one or more Joint Ventures with appropriate partners.

Not the reception expected?

WHAT did the German Chancellor expect when she deemed it right to visit Greece this week. If she expected flag waving - he got it, but it was Nazi flags that were waved. If she expected a warm reception she got it  from more than 50,000 in Athens, chanting slogans against her.

  There were more than 7,000 police on the streets and more in reserve, when, despite a ban of publish gatherings the Greeks turned out, mainly without violence, to pent their anger over the draconian measure that have been forced upon them.

  Police, who mounted a large security operation, stopped and searched 217 people while 24 were arrested and charged for a range of offenses. Some of those detained were stopped ahead of the rally in preventive checks while others are believed to have been involved in attacks on police who warded off youths hurling stones by firing tear gas. A couple of the detainees are believed to be linked to urban guerrilla groups Revolutionary Struggle and Conspiracy of the Cells of Fire, Kathimerini understands. Lawyers of suspected members of Revolutionary Struggle, currently on trial at Korydallos high-security prison, reportedly complained that some of their witnesses could not make it to court as they were detained by police in central Athens. Conspiracy claimed responsibility for parcel bombs sent to several EU leaders, including Angela Merkel, in 2010.

  The Greek prime minister got endorsements from German Chancellor Angela Merkel and European finance chiefs as well as signals that the country’s next aid payment was in the offing.

  International inspectors known as the troika are due back in Athens this week after a pause that provided Samaras’s three- party with backing to continue efforts to carve out 13.5 billion euros ($17.4 billion) of new budget cuts.

Not the images we want to see

THE leaders of Greece's power-sharing government on have agreed on most of the cost-cutting measures for the next two years, in line with demands set by the troika of foreign lenders, the chief of a junior coalition member said.

  “We reached an agreement on the main points. There are still some outstanding issues. We are going to seek for a four-year extension [of the Greek fiscal adjustment program], said Democratic Left leader Fotis Kouvelis after the meeting. Prime Minister Antonis Samaras of conservative New Democracy party was also meeting with PASOK leader Evangelos Venizelos.

  Finance Minister Yannis Stournaras, who was present at the meeting of the three leaders, described the agreement as a “basis for strong negotiation” with the country's creditors.

  Stournaras said the proposed measures will first have to be approved by the troika envoys, expected in Athens during the weekend, before they are voted upon in Parliament. The cuts are essential if Greece is to continue receiving funds from international emergency loans.

  The meeting came a day after tens of thousands of demonstrators took to the streets of the capital in protest at the anticipated cuts.  It was not clear whether a new leaders' meeting will take place.

Tens of thousands of protestors shouting "enough is enough" took part in trade union rallies and marches organised in central Athens on Wednesday, as part of a 24-hour nationwide strike in protest against a new package of austerity measures.

  The main protest was called by the General Confederation of Greek Labour (GSEE) and the civil servants' union federation ADEDY. Pame, the Communist Party-backed trade union, organised its own protest.

  Estimates of the size of protest marches varied greatly between organisers and police, with the former claiming over 100,000 took part and the latter estimating participation to have been in the region of 50,000.

  The march went as far as Syntagma Square, where a delegation from the trade unions presented a resolution outlining the demands of Wednesday's nationwide general strike to parliament. There were more clashes with police by a small group, who threw petrol bombs at the police, and these were the images shown on tv around the world. While the majority of the rally was peaceful, and one can understand their reasons for the really, the clashes were mainly at the end of the day, but nonetheless  pictures that nobody wants to see.

 

We take to the hills

QUESTION: What has 24 wheels and carries nearly 200 excitable Greeks? ANSWER: Four buses.

We have often tried to remember virtually the first trip around the island that we made with our Elderly persons group - the KAPI, which took in some glorious caves and stunning scenery. Well, this week we found out on our latest trip.

  The caves in fact were the Sfentoni caves of Zoniana, high up in the Psiloritis  mountain range. In the seven years since our first visit the authorities have really smarted up the place with coloured lights to enhance the viewing pleasure. We were collected by the super coach at 8.00am and later joined the other three from various areas around up. First it was to the historic Anogia village, not an easy task on roads originally made for donkey transport, and just wide enough for coaches to carefully pass by. A brief stop at a special museum at Potomianos where the history of the region is played out, but must say the waxwork models could do with a little updating!

  Of course a trip out with the KAPI would hardly be possible without a visit to some religious building, this time to the Monastery of Timios Stavros. Fantastic views and superb gardens, which surprisingly did not seem to interest the majority of the large group. Then it was the highlight - at least for many. Lunch!!

  Not an ordinary lunch of course. It was in the village of Throsia who specialise in cooking pork and lamb, over charcoal, either on a spit or just simply turned by hand. It's always cooked slowly and the result is juicy meat, we had been before and it was as good as previously.

  Finally we turned toward home, but noit without a short stop at another very traditional village, Fodele well know for it's connections with famous painter El Greco and specialising in macrame work, which the ladies of the village happily show you as they work with nimble fingers on intricate patters off the back of an old chair. It was nice to see that they are passing on their skills to the younger generation. In Fodele we have a friend who runs the Taverna  Domenico, who serve up local orange juice as well as specialties of the region, So it was good to catch up and share a drink before arriving back in Old Hersonissos.

Property tax to stay

IN a move to increase their income, the Greek government are to continue with the very unpopular property tax,a move that will certainly increase pressure on the whole country.

  The government has decided that the special property tax introduced in 2011 will be tagged on to electricity bills again this year after all, according to Public Power Corporation (PPC) officials.

  After repeated meetings and the realization that the Finance Ministry will be unable to collect the sum of 2.2 billion euros corresponding to the emergency tax, the government resorted to the more secure but painful solution of collecting the tax through PPC, despite earlier indications that this would not be the case this year.

Up until yesterday the Finance Ministry had said that it was looking for the best way to collect the so-called special extraordinary tax for all properties connected to the power grid, though officials at the power company suggested that the decision had already been made.   In fact, PPC said that it had been asked to include the tax in all bills issued as of July 23, but the company countered that it did not have the time to issue bills with the tax before the end of the month. Unlike last year, when the tax was paid in two installments, this year’s tax will be paid in five installments, with the last two to due in 2013.   Everybody is being hit, and that includes us of course, but some will be hard pressed to pay up again. With jobs still at a premium, people are really being hurt by the austerity measures. Their argument is simple, if we have no work how do we not only pay the bills, but how do we feed are families?

 

Greece: Incredible Crete

 Incredible Crete   (This is the link)

 Wish you were here? Click the link for a great look at the island of Crete. We have high temperatures and a great life style. NOW is the time to visit.........
 http://www.promote-greece.com/2012/07/incredible-crete.html

A day in the west

HAD A great trip by coach to the west of the Island today. Had a chance to visit Arkadi Museum, the amazing church built into the rocks at Patsos, then it was timein the very tourist area of Rethymno before a extra treat, stopping on the way home to Fodele, birthplace of the great El Greco.

  Arkadi has great history  stretching back to the wars with the Turks, when, rather than surrender, the patriotic Greeks blew themselves up. The building where that happened has never been re-built, in tribute to their history.

 

I was here first - so drink-up!

THERE  is a phrase - beware Greeks bearing gifts. Well let us tell you, if a Greek is bearing gifts, of any kind, thank them and enjoy.

  An example. We have cafes (kefenion) in our village - three to be exact. All through the winter, and certainly as soon as the sun it out, we go to have a drink and we cannot count the number of times that we cannot pay for them. It took a while to understand the system. The Greeks there first take the attitude - I was first so I will pay for the drink. This is fine if you actually know the person. You say ευχαριστώy (thank you) and εβίβα (cheers). But more often than not you will not know the person, often only after they have left. Of course we now understand and try our best to fall into into line with this culture.

  Then there is the bakers opposite. An example of their system. We went in for a custard like dessert to go with some fruit tonight. They did not have any, instead we took a couple of small fruit pies. The bag then had five put inside, plus two more different pies, cheese & chocolate - cost - a euro, but the cheese/chocolate were gifts!!
  We still find it strange, but happily accept the friendship. We have been in the village for nearly eight years, although our conversation Greek is not too good, we appear to be understood. We have always made the effort to integrate, but we see others who live here, even have businesses here and they do not even try, which is a great shame.

Red Arrows back over Crete

FOLLOWING a two plane crash over the skies of Kastelli airfield in Crete back in March 2010, the Red Arrows acrobatic flying team are back in the area, and were in training, including being heard and seen over Heraklion today as we were shopping in the town.

  We saw them, first in formation, and then in what appeared to be a low level exercise, before they roared off. The team are currently based at  RAF Akrotiri on the island of Cyprus for nine weeks of intensive training.This deployment is called  Exercise SPRINGHAWK and it is a very important step in the team’s workup training in preparation for this year’s display season.

  There are some very important reasons for the Red Arrows to go to Cyprus and it will certainly be no holiday. The most important reason for this exercise is the guaranteed good weather which they just don’t get at their home-base of RAF Scampton in Lincolnshire. Also, the Akrotiri peninsula allows the pilots to practice over a large number of different types of display sites all with different characteristics. 

   The most popular display site that they use is called ‘The Cliffs’. It is flown over the sea and the flying conditions are always perfect with no turbulence (or in pilot speak ‘bumps’) for them to worry about. In contrast, ‘Golf’ dispersal is flown over part of the airfield and by lunchtime is very bumpy as the sun warms up the land creating convection. 

  Although the pilots don’t normally enjoy this site, it is extremely valuable flying and simulates a typical UK summer overland site on a breezy day. ‘The Wreck’ is another different site, again over-sea but it always has a strong on-crowd wind for the team to get used to. This type of wind is common during the summer and can be challenging to master. All these sites are within the RAF Akrotiri Sovereign Base Area and are literally, on the doorstep. This allows the pilots to rehearse three times every day, five days a week and gives them the opportunity to concentrate totally on the flying.

Titanic time-line, fantastic details

IF you, like me, have always marvelled at the story of the Titantic, you will be fascinated with this article from the Daily Mail. Follow link for unseen and unbelievable photos and  story. Copy and paste into your browser, use the Daily Mail line.

http://www.dailymail.co.uk/news/article-2112456/Titanic-pictures-Extraordinary-sonar-images-map-shipwreck-ocean-floor.html

Shall we go, or shall we stay?

MANY are still trying to find an answer to the crisis in Greece. Despite many fiscal measures the country is still on the brink, and the question remains, will the country return to the Drachma, and if so, at what cost?

  A barrage of gloomy official statements and stories dominated newspaper headlines on New Year’s Eve, seeking to exorcise the spectre of Greece’s return to the drachma, although few offered solutions.

  Prime Minister Lucas Papademos warned: “We must continue our effort to avert a disorderly, catastrophic default and remain in the euro.” The premier’s remarks were echoed by Bank of Greece governor Yiorgos Provopoulos in a TV interview.

  “A possible return to the drachma would be equivalent to real hell, at least for the first few years outside the eurozone,” the country’s leading banker told Skai TV.

  The country sank deeper into an economic slump and missed all of its fiscal adjustment targets in 2011, making the danger of a disorderly default by March - when a 15bn euro bond is due for redemption - more likely, unless at least 90 percent of private bondholders participate in a voluntary writedown of Greek debt by 50 percent. The plan was agreed at the EU summit on October 26/27 along with a second bailout plan.

  But after two months of negotiations on the so-called private sector involvement (PSI), no more than six out of ten eligible investors have signalled their willingness to take the cost of the proposed haircut in the nominal value of their bonds, according to the Wall Street Journal.

  Greece’s outgoing representative at the IMF, Panayiotis Roumeliotis, said the country could not afford an unsuccessful outcome in talks on the new bailout without risking a collapse of its aid programme.

  “If the new funding is not secured in time, anything can happen, including a default, which could open the way for Greece’s exit from the eurozone,” said Roumeliotis.

  The spectre of returning to the drachma was also raised in a speech on January 2 by Vasilis Rapanos, chairman of the Hellenic Bank Association and president of the National Bank of Greece.

  “We shall either stay in the euro if we all cut down on our standard of living, or depart from the euro, turning the clock back several decades,” Papanos said in his keynote speech during a New Year celebration at the Athens Stock Exchange.

  Rekindling the fear of an exit from the eurozone seems to touch a popular chord, since opinion polls indicate support for the euro. In a Kappa Research poll for To Vima published at New Year’s weekend, more than 77 percent of Greeks want the coalition government to do all it takes to ensure the country stays in the eurozone.

  Government spokesman Pantelis Kapsis, a former editor of To Vima, gave prominence to the euro-or-drachma alternative as key to national policy: “This is indeed the dilemma ahead of  us,” Kapsis told reporters when asked about the avalanche of drachma scaremongering. 

 “There is no reason to cause panic by saying we will return to the drachma. We can avoid it with serious and systematic work. But we should not take it for granted that we have escaped the danger,” he added.