O C V ΓΡΑΦΕΙ ΤΗΝ ΙΣΤΟΡΙΑ Bringing the news ΤΟΥ ΕΛΛΗΝΙΣΜΟΥ to generations of ΑΠΟ ΤΟ 1915 The National Herald Greek Americans c v A WEEKLY GREEK AMERICAN PUBLICATION www.thenationalherald.com VOL. 13, ISSUE 636 December 19-24, 2009 $1.25 Greek PM Papandreou Says Country Risks Sinking into Debt, Promises Action Standard and Poor's Cuts Greece's Credit Rating, Strikes a Blow at its Recovery Prospects By Christopher Tripoulas The National Herald Staff Writer NEW YORK - The 57 measures an- nounced by Greece's Prime Minis- ter George Papandreou in an ur- gent effort to rein in Greece's debt, including spending cuts and a 90 percent tax on private bankers' bonuses, did not convince in- vestors. Greece suffered its second credit rating downgrade in just over a week, as Standard & Poor's cut the heavily-indebted nation's rating by a notch to BBB-plus from A-minus on Wednesday, December 16. S&P, who followed Fitch's lead on December 8, made the move hours after Greek finance minister George Papaconstantinou revealed plans to resume borrowing from bond markets early next year to fill a yawning budget gap. EUROKINISSI Standard & Poor's cut Greece's Greek PM George Papandreou rating by one notch, saying austeri- ty steps announced by Prime Minis- measures. ter George Papandreou this week Just over two months into his were unlikely to produce a "sus- first term, the Greek Premier an- tainable" reduction in the public nounced a barrage of spending cuts debt burden. Monday, Dec. 14 promising to con- It kept a negative outlook for the trol a ballooning government bud- TNH/COSTAS BEJ rating, warning another down- get deficit and warning that the Holiday Beauty is Serious Business grade was possible if the govern- country risked drowning in debt. ment failed to gain domestic politi- "There are times in a nation's histo- Ioannis Psaras puts the final touches on his home’s Christmas decora- the best traditions of the U.S. and their Greek homeland. Is shopping cal support for fiscal reforms. ry that define it for decades, for tions. Greek Americans are busy preparing for the holidays, combining for the ingredients of the meal that will grace the holiday table next? "We believe that the govern- generations to come," Papandreou ment's efforts to reform the public said in an hour-long speech to finances face domestic obstacles unions and employers.. "This is that would likely require sustained such a time." efforts over a number of years to Papandreou called for unity dur- overcome," S&P said. ing a speech to business and union Former Archbishop Spyridon Breaks A Long Silence Greece said after the S&P down- leaders in Athens, and pledged he grade it would stick to a plan an- would take steps over the next few By Theodore Kalmoukos come Archbishop of America but he ed at the funeral service of his dear ily as we brought him to his final nounced by Greek Prime Minister months that are decades overdue. The National Herald Staff Writer was actually drafted. He said that, friend Leo Condakes, as the Herald resting place. George Papandreou on Monday to "Greece, with so much potential, is “I personally did not seek such elec- reported in its last edition. TNH: When did you first meet reduce its budget deficit below 3 in critical condition," he said. BOSTON - In his first interview tion and that I was indeed directed The entire interview with for- the late Leo Condakes and his wife percent of GDP by 2013. The raft of measures included a with The National Herald since his to accept the appointment. The mer Archbishop Spyridon is pre- Evanthia? "We seriously take into account reduction in defense spending in resignation ten years ago, former way I assess things today is that my sented as follows: Spyridon: I first met Leo and any international appraisal that 2011 and 2012; slashing bonuses Archbishop Spyridon of America ministry was meant to be tempo- TNH: Your Eminence, what Evanthia Condakes on a visit to concerns and influences our coun- across the public sector; reducing said he believes that “the creation rary and served the ulterior design brings you to the United States and Constantinople in the early 90s. try," Greece's finance ministry said social security and government op- of metropolises inevitably dimin- of those in charge at the Phanar.” to Boston in particular? Their invaluable service to various in a statement. "But we have our erating expenditure by 10 percent ishes the Archbishop’s role and by The former Archbishop has not Spyridon: I returned to the boards of our GOA institutions gave own strategy and we stick to it." each, and salary caps for public definition undermines the neces- visited the Ecumenical Patriarchate United States for one purpose only: me an opportunity to witness first An early taste of public discon- utility directors. sary unity of the homogeneous since his departure from the to bid a last farewell to my beloved hand and appreciate their integrity tent in Greece will come on Thurs- In one measure designed to body of Greek Americans.” Archiepiscopal throne of America friend Leo Condakes, Archon De- and total commitment to the day in a one-day strike planned by please an angry public, Papandreou The former prelate reveals that and he does not indend to do so. poutatos of the Great Church of communist labor group PAME to he did not seek on his own to be- He came to Boston and officiat- Christ. I wanted to be with his fam- Continued on page 4 protest the government's austerity Continued on page 9 Jason Papastavrou and ARIS The Grave of Capital Management Fight for Cyprus Leader Investors’ Right to Redeem Is Violated By Angelike Contis Capital Management. The National Herald Staff Writer Lured by the industry’s adrena- NICOSIA, Cyprus (AP/Telegraph) line, ARIS Capital’s chief invest- — Grave robbers stole the corpse of NEW YORK - “In moments of crisis, ment officer left a tenured engi- former hardline Cyprus President some people do not behave as ad- neering professor position at Pur- Tassos Papadopoulos, digging up mirably as they would in normal due University to go into invest- his coffin during a thunderstorm times.” This is Jason Papastavrou’s ment over a decade ago. Now he is just before the first anniversary of impression of the economic crisis, fighting to protect his investors at a his death, police said. as he’s experienced it at his New time when some managers of The body-snatching horrified York investment advice firm ARIS hedge funds (or funds in a range of people in Cyprus and came as the investments typically available to a island's Greek and Turkish Cypriot limited number of investors) are re- leaders are locked in complex re- fusing to redeem investors’ money. unification talks that have made ARIS Capital Management has limited progress. three lawsuits pending, the most Police said the tomb raiders Doctor Works high profile of which accuses com- struck late Thursday or early Friday pany Quantek and its head Javier (December 10 or 11). There was no To Improve Guerra of fraud. immediate indication of a motive. “Rogue” is the title that Forbes Police spokesman Michalis Kat- financial magazine branded Mr. Pa- sounotos said three people were ERs in Greece pastavrou with in a November 30 initially detained for questioning article that painted the investment but released without charge. He officer as going against the grain of gave no more details. By Eleni Kostopoulos a hush-hush industry. Speaking to A memorial service was held on The National Herald Staff Writer The National Herald, Mr. Papas- Saturday for Tassos Papadopoulos, tavrou corrects that label, adding: the former president of the Repub- NEW YORK – If you’re suffering “They say I’m ‘Going Rogue’ but it’s TNH/COSTAS BEJ lic of Cyprus, one day after thieves with a medical emergency in more like ‘The Audacity of Hope’ A Masterful Performance at the Cathedral stole his remains from his grave on Greece, you’ll likely be rushed to a that we’re going to get our in- the Mediterranean island. hospital that does not have a devel- vestors’ money back.” Mr. Papas- Candlelight Music: Maestro Dino Anagnost conducts the Little Orchestra’s annual holiday concert on De- Papadopoulos, who died a year oped department for emergency tavrou adds: “I’m hopeful that next cember 13 at the Holy Trinity Cathedral in Manhattan. This year’s Cathedral Candlelight Concert program ago, was buried at the Deftera medicine. year we’ll be vindicated. While in featured soprano Indra Thomas, The Metropolitan Singers and The Greek Choral Society . cemetery on the outskirts of “It’s kind of like what it was in the Forbes piece, Mr. Guerra calls Nicosia, the capital. Authorities dis- this country before emergency him “litigious”, Mr. Papastavrou covered the corpse was missing on medicine became a specialty,” Dr. notes: “We are only concerned Friday morning, December 11. Michael Radeos an emergency about protecting our investors and Tomb raiders used the cover of physician at New York Hospital quickly getting back the most mon- darkness, a heavy thunderstorm Queens told The National Herald. ey for them.” Alleged Funds Thief Arrested by FBI and a power cut to dig up the ex- “You have hospitals with emer- The Greek-born investment ex- president and steal his body with- gency rooms for the public, but if pert points out that in 2000-2001, By Theodore Kalmoukos Courant revealed that “Federal pros- was hospitalized. Since then he was out leaving any clues behind them.