Greek Economy in the Spotlight

♦ Greek Banking System Passes “Stress Test”

(GREEK NEWS AGRNDA)   According to a Bank of Greece report on financial stability, published yesterday (June 23), the fundamentals of the Greek banking system are healthy and the sector could withstand even the most severe crisis.  “The results of the stress tests on lenders were encouraging, showing that the banking sector is in a position to handle particularly intense shocks, which have exceptionally little likelihood of appearing” said the country’s central bank in a statement. The “stress test” -prepared in cooperation with the International Monetary Fund- was based on a sample of nine banks and aimed at evaluating the potential of the Greek banking system. Kathimerini daily: Bank stress tests “encouraging”

♦  EU Commission Report on EMU Public Finances

The European Commission published yesterday (June 23) the 2009 report on Public Finances in Economic and Monetary Union (EMU), reviewing how Member States have been tackling the challenges from the financial and economic crisis and assessing the prospects for public finances in the future. As far as the Greek case is concerned, the European Commission forecast that Greece’s budget deficit is going to increase to just above 5 percent of gross domestic product this year.  European Commission: Public Finances in EMU-2009

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Saving Lives: The PAP’s Test History

(GREEK NEWS AGENDA)   George N. Papanicolaou, M.D., Life and Career: The way to the Pap Test, Hellenic Medical Society of New York, New York, 2008.  Many women owe their lives to a physician who gave his name to the famous “pap-smear,” a test preventing uterine cancer. The pathologist’s name is George Papanicolaou (1883- 1962).  Son of a physician, Papanicolaou studied medicine following his father’s will. Having met Greek-American soldiers on the battlefield of the 1912 Balkan war, he pursued a research career in the United States.   In 1928, Papanicolaou discovered that uterine and cervical cancer could be detected by microscopically examining cells from tissue surfaces.  It took decades for medical science to recognize the significance of Papanicolaou’s test which was first recommended in 1960, two years before Papanicolaou’s death.   Over the years, millions of women have taken the Pap test and deaths from uterine cancer have been greatly reduced due to this examination.   The Society published the book in memory of Dr. Papanicolaou, founder and first president of HMSNY in 1936.   Weill Cornell Medical College: The George Papanicolaou MD papers