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Why have we not heard anything about Greece for a while?

The has been plenty going on behind closed doors.

Greece Bailout Yorgos Karahalis / AP/Press Association Images Yorgos Karahalis / AP/Press Association Images / AP/Press Association Images

IN THE LAST few week Greece seems to have slipped out of the headlines.

After the drama of the referendum on the country’s bailout terms last month, there has followed a period of relative calm.

The last major move was the backing of difficult economic measures by Greek MPs on 16 July, provisionally accepting a raft of new austerity measures in return for an €86 billion bailout deal from its creditors.

The deal was opposed by around a quarter of prime minister Alexis Tsipras’s Syriza party but backed by an overall majority of Greek MPs in Hellenic Parliament.

Despite this approval, the country is not out of the woods yet.

What is happening now?

While the deal has been provisionally agreed, negotiations on it are still ongoing, and in theory things could still fall apart.

The next big looming deadline is 20 August, when the country will be required to repay the European Central Bank €3.5 billion.

In the country, the situation is still looking pretty bleak.

On Monday, the Athens stock index reopened after five weeks, with its share price index falling by 23%.  The country’s top four lending banks all had their shares drop by 30% – the maximum allowed.

This has been described as “one of the worst stock market bloodbaths in decades”.

For ordinary Greeks capital controls remain in place and there are still limits on drawing money.

Greece Bailout Thanassis Stavrakis / AP/Press Association Images Thanassis Stavrakis / AP/Press Association Images / AP/Press Association Images

Have the Greeks gotten what they wanted?

If the deal is passed it will mean the Greeks will still have to shoulder a large amount of austerity.

The preliminary terms of the agreement were passed by the Greek government under much duress, with PM Tsipras having telling parliament during the 15 July vote that the measures were “irrational” and were only being imposed to avoid to the collapse of the banks and further hardship for the country.

Included in the new measures are:

  • The abolition of a 30% VAT discount for Greek islands,
  • An increase in corporation tax from 26% up to 29% for small companies,
  • Substantial cuts in pensions,
  • large-scale privatisation of public assets,
  • The introduction of a luxury tax, and, 
  • An end to early retirement and an increase in the retirement age to 67. 

Even with all of this, there are still a few things that need to fall into place if the Greeks are going to be able to repay the ECB later this month.

One potential stumbling block is German finance minister Wolfgang Schaeuble.

Germany Cabinet German Finance Minister Wolfgang Schaeuble Michael Sohn / AP/Press Association Images Michael Sohn / AP/Press Association Images / AP/Press Association Images

He has major input in the negotiations between the institutions and the Greek government. Earlier this week Forbes singled out his ideological insistence on austerity as something that could put a strain on any potential deal.

How is it all going to end? 

The ‘behind closed doors’ nature of negotiations has kept things pretty quiet, but any feedback has seemed to be generally positive.

One win for the Greek government is that these talks are taking place in Athens, rather than Paris or Brussels as they had been previously.

Speaking on Wednesday, Tsipras said that they were in “the final stretch” of reaching a new deal, and that he hoped it would end the uncertainty for Greece. 

According to MacroPolis, an independent Greek analytical website, the target date for the end of negotiations is 18 August. If a deal isn’t reached for the bigger €86 billion package, which would cover a period of three years, the country may be required to secure a second bridge loan.

Whatever happens, by the 20 August, you can be sure that the Hellenic Republic will be back in the news.

Read: The crisis in Greece has the people of Ireland shaking a bit

Also: Homeless in Athens: ‘Greece never dies. But the Greeks will die.’

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60 Comments
    Install the app to use these features.
    Mute Mary Hinge
    Favourite Mary Hinge
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    Apr 28th 2014, 4:35 PM

    Apparently Microsoft have contacted all five users of internet explorer to warn them…

    489
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    Mute Tom Keating
    Favourite Tom Keating
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    Apr 28th 2014, 8:03 PM

    If it was only that simple, 25% of the world browser users use IE versions 6 to 11, so this is a big deal and a big impact.

    37
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    Mute Anthony Byrne
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    Apr 29th 2014, 6:58 AM

    The usual hype. Its not like ‘all of a sudden’ there is a security flaw in IE version x y or z. There have been countless flaws in every version since for ever. Let there be no panic, no ‘serious problems’.

    4
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    Mute Were Jammin
    Favourite Were Jammin
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    Apr 28th 2014, 4:53 PM

    A quick workaround for XP users still using IE.

    1. Install chrome or firefox

    2. Slap yourself for not ditching IE sooner.

    389
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    Mute Pedro
    Favourite Pedro
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    Apr 28th 2014, 4:44 PM

    Windows 8 fails to hit expected targets.

    Microsoft ends support for XP.

    Shortly after, “massive” security issue found in IE.

    Microsoft state that they will be issuing a patch to fix the security issue however XP users will be left vulnerable.

    All seems a bit too convenient to me..

    243
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    Mute SilentFugitive
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    Apr 28th 2014, 8:18 PM

    You have my vote Pedro.

    36
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    Mute Ali Fortune
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    Apr 28th 2014, 4:33 PM

    People still use IE?

    155
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    Mute Pedro
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    Apr 28th 2014, 4:45 PM

    Bank of Ireland’s Business Online tool only works with IE.

    115
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    Mute Tony Canning
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    Apr 28th 2014, 4:48 PM

    The most recent IE is actually good.

    52
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    Mute ƒR()§†H@X
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    Apr 28th 2014, 5:34 PM

    Apparently nearly 1 in 10 users still use it
    http://www.w3schools.com/browsers/browsers_stats.asp

    20
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    Mute Ian Mac Eochagáin
    Favourite Ian Mac Eochagáin
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    Apr 28th 2014, 5:35 PM

    Our production system at work only works with IE, and version 9 at that.

    29
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    Mute Joe Brennan
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    Apr 28th 2014, 8:00 PM

    It’s closer to 1 in 5 that still use IE. The stats you posted are only for users of the w3 schools site who would generally be more tech savvy

    10
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    Mute B9xiRspG
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    Apr 28th 2014, 9:38 PM

    If software is written that only works on IE then it’s bad development and laziness on the coder part

    17
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    Mute Virtual Architect
    Favourite Virtual Architect
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    Apr 29th 2014, 12:50 AM

    I stopped using BOIs business internet service because it was so appalling. I have to go to a bank machine or make a phone call to find out my bank balance. As for internet explorer- it is only used by people who don’t know much about security.

    4
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    Mute Dave Davis
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    Apr 29th 2014, 3:55 AM

    Agreed. Bank of Ireland Business On Line is the most atrocious app online. It’s an absolute embarrassment and breaks every usability standard in existence. It looks and acts like it was whipped up in a 4th class Web design class. They charge a hefty fee for the privilege too. The only reason I still use it is because it’s the only bank that let’s you wire money to Serbia believe it or not. I hate not having a choice.

    6
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    Mute Frank Carty
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    Apr 29th 2014, 8:39 AM

    On the contrary Jim, the opposite is true. Its very easy to develop site for FF and Chrome, compared to earlier versions of IE

    2
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    Mute Marc Keegan
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    Apr 29th 2014, 5:03 PM

    I agree with Frank – It’s difficult to get a site to display correctly on IE and requires a lot more effort than FF or Chrome – It takes time, patience and a lot of experience to get a modern design to perform as intended on IE. (Also requires tears and a jade monkey paw).

    1
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    Mute Leopold Dedalus
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    Apr 28th 2014, 4:35 PM

    “The security flaw puts almost all Internet Explorer users at risk”

    Those 30 people must be very worried

    131
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    Mute Frank
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    Apr 28th 2014, 4:37 PM

    A deliberate move by Microsoft to scaremongering operators of XP to upgrade to more NSA hackable and imposing systems with built in cameras and back door snooping technology. It will be a long time before I leave from XP.

    58
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    Mute Tony Canning
    Favourite Tony Canning
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    Apr 28th 2014, 4:48 PM

    Or just move to linux.

    57
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    Mute Glen
    Favourite Glen
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    Apr 28th 2014, 5:21 PM

    Frank
    Out of curiosity, and I’m not being a smartass but do you cover your webcam with tape.

    59
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    Mute Jarlath Murphy
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    Apr 28th 2014, 5:25 PM

    Doesn’t everyone?

    53
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    Mute ged_star
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    Apr 28th 2014, 5:34 PM

    Frank where exactly did you get this info

    “NSA hackable and imposing systems with built in cameras and back door snooping technology”

    Never heard such rubbish in the last 15 years that I’ve been working in IT

    23
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    Mute Glen
    Favourite Glen
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    Apr 28th 2014, 5:50 PM

    ged
    I have been in IT less time than you and I can say without reservation that Franks comment has merit.

    44
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    Mute Vocal Outrage
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    Apr 28th 2014, 6:08 PM

    Are you guys off your rockers? XP has probably been compromised in terms of privacy just as much as every other OS

    13
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    Mute ged_star
    Favourite ged_star
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    Apr 28th 2014, 6:35 PM

    Glen and Frank

    Where is your proof???

    I would be really interested in reading more info about “NSA hackable and imposing systems with built in cameras and back door snooping technology”

    So please post any proof that you both have and I will gladly read

    4
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    Mute Frank
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    Apr 28th 2014, 7:26 PM

    Glen … I don’t need to … Dell 6400 was made long before build in web cams.

    13
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    Mute Tony Canning
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    Apr 28th 2014, 7:33 PM

    ged_star – what isolated corner of the web have you been living in? Habbo Hotel??

    https://www.eff.org/nsa-spying/timeline

    9
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    Mute Frank
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    Apr 28th 2014, 7:33 PM

    ged_star … I guess you must be still working on Windows 98 with MMX technology hardware.

    Dell have been operating outsourced (India) customer service using remote access to PC Systems for the last 15 years.

    This is quite old news….

    Broadcom has just rolled out a chip for smart phones that promises to indicate location ultra-precisely, possibly within a few centimeters, vertically and horizontally, indoors and out.

    The unprecedented accuracy of the Broadcom 4752 chip results from the sheer breadth of sensors from which it can process information. It can receive signals from global navigation satellites, cell-phone towers, and Wi-Fi hot spots, and also input from gyroscopes, accelerometers, step counters

    http://www.broadcom.com/products/GPS/GPS-Silicon-Solutions/BCM4752

    http://www.nowtheendbegins.com/blog/wp-content/uploads/broadcom-4752-rfid-microchip.jpg

    9
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    Mute Glen
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    Apr 28th 2014, 5:16 PM

    The cost of upgrading to a different OS for businesses alone would be astronomical on the wide scale. People like XP their comfortable with it I can’t see that changing anytime soon.

    28
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    Mute Graeme O'Connor
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    Apr 28th 2014, 6:33 PM

    They did on a mass scale when moving from Windows 95 to XP and there was no complaints about the cost then. If they’re that worried about the cost then they should move to a Unix based OS which can be used for free.

    13
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    Mute Alan Lawlor
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    Apr 28th 2014, 9:25 PM

    Win95 to XP was an improvement.
    Vista and Win8 are arguably not (Win 7 was/is good imho)
    Not everybody is tech-savvy enough to replace Windows with Linux, but that is not necessary.
    For some years, many people on XP have been switching for IE browser to Chrome or Firefox, hence IEs dwindling market share, even amongst non-mobile and non-tablet platforms. This is because there were no longer IE upgrades for xp users, therefore no support for HTML5 and CSS3 increasingly used on many websites.
    So, quick fix is to change broswer not whole OS. You also have less vulnerabilities and quicker patches when they do arise.

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    Mute Glen
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    Apr 28th 2014, 11:40 PM

    Alan
    Vista is a hybrid of XP & 7
    7 is a great OS as is XP but 8 is more touchscreen based. Linux has merit. Their disc defrag is the biggest difference as far as I can see. Personally I use Mozilla for browsing I just can’t see eye to eye with Chrome.

    1
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    Mute Mary Kavanagh
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    Apr 28th 2014, 5:46 PM

    Use Mozilla – unless you bank with BOI.

    13
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    Mute Alan Lawlor
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    Apr 28th 2014, 9:17 PM

    internet explorer IS mozilla

    1
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    Mute Mary Kavanagh
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    Apr 28th 2014, 9:20 PM

    Firefox then!

    7
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    Mute Barry O'Brien
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    Apr 28th 2014, 9:47 PM

    No it’s not, Alan. Firefox is part of the Mozilla Foundation. IE is Microsoft. You may think this because it has the word Mozilla in its User Agent string, but nearly all browsers have that for legacy compatibility reasons.

    14
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    Mute Clau Mc C
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    Apr 28th 2014, 6:11 PM

    IE is widely used in enterprise, chrome and Firefox are more for the end/home user

    11
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    Mute David Jordan
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    Apr 28th 2014, 8:36 PM

    The only country that has to use IE is South Korea, the government there made it a legal requirement to encrypt shopping and banking websites. However, the security software legally required uses Microsoft’s ActiveX scripting language, which is only available in Internet Explorer. Ironically, ActiveX is horribly insecure.

    “South Koreans use Internet Explorer: It’s the law”

    http://www.zdnet.com/south-koreans-use-internet-explorer-its-the-law-7000022827/

    6
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    Mute Thors Big Hammer
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    Apr 28th 2014, 4:47 PM

    Just visit trust worthy sites and you will be fine.

    9
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    Mute Neal Ireland
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    Apr 28th 2014, 5:44 PM

    Which ones are those?

    18
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    Mute Onlyblowingsmoke
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    Apr 28th 2014, 5:40 PM

    What few of you seem to realise or know is that nearly all atm machines in Ireland still use this now security flaud software. Can any one provide information on this, are the banks likely to upgrade, at what cost to the already overcharged customers

    5
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    Mute John McDonnell
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    Apr 28th 2014, 6:27 PM

    Most ATM’s don’t use Internet Explorer.

    19
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    Mute Crocodylus Pontifex
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    Apr 28th 2014, 7:17 PM

    The ‘m’ stands for machine so it’s either AT machine or just ATM but never ATM machine

    25
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    Mute Shay
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    Apr 28th 2014, 5:38 PM

    People still use laptops?

    5
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