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Deciphering the Greek verdict and the entailed ordeal

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In a tectonic shift in the history of Greek politics, the leftist party Syriza has come at the helm of Parliament of Hellenes. The former coalition government of New Democracy–Pasok headed by former Prime Minister Antonio Samaras failed to get their Presidential candidate elected even in the third round of parliamentary presidential elections, which led Greece into snap elections and dissolution of the erstwhile parliament.

The radical leftist Syriza party led by Alexis Tsipras secured 36.3%, it formed a coalition with Independent Greeks thereby commanding a majority in the parliament. The dynamic 40-year-old Alexis Tsipras was consecrated the Prime Minister on 26th January. The event is unprecedented as the victorious side is anti-austerity. Greece has been battling a perilous financial crisis since over half a decade now. In dearth of any private lenders for stabilizing the Greek economy, Eurozone countries and IMF handed out phased bail loans to Greece inevitably imposing austerity measures on the Greek government.

Austerity subsumes, inter alia, minimalizing government employee wages, increasing taxes, spending cuts. The Greek population faces the brunt due to all this. Tsipras’s appeal to the voters was his staunch anti-austerity stance, he stated that he would make sure that the “troika” (European Commission, European Central Bank and IMF) controlling Greece’s economic affairs based on the bail out loans shall be put behind as a part of his debt restructuring and reform strategy. Tsipras’s populist appeal came in a time when the Greek citizens are worn out with the struggle against recession and the still impending austerity measures. Tsipras’s victory has sent ripples gushing to Brussels with the speculation of “Grexit” that is Greek’s exit from Eurozone gaining momentum. Sequestering from Eurozone would be a very bold move as the membership to Eurozone is irreversible. However, if Greece does go that way, there will be long and far reaching consequences for both the parties involved.

Greece economic stability is still hinged to lenders even if it introduces effective fiscal reforms, as it will take time to recover. However if Greece leaves Eurozone then it will have no primary lenders to help revive the economy. Greek government seems to be pushing for debt write-off from ECB which will majorly impact the credibility to the lenders. Other Eurozone nations are already voicing their concerns over outrageous demands from Greece. Greece cannot expect to win an argument over this against the central bank and that might force its exit. Essentially if Tsipras fathoms to find a middle ground of debt restructuring with the central bank he will fail in keeping his election promises. He certainly faces an ordeal upon the Eurozone matter but sticking with the zone and finding convergence makes a plausible choice so far.

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Economy

Seasif’s Franco Favilla discusses the post-Covid economy and the price of gold

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Although the Covid-19 pandemic isn’t over yet, there has been much discussion on the idea of a “post-Covid” economy, especially with the beginning of vaccination efforts in some countries. With markets throughout the world suffering the economic effects of the virus, experts have been looking towards the future –– and one of the topics that often comes up is the price of gold.

In August, the price of gold exceeded US$ 2,000 an ounce for the first time, driven by multiple factors. However, in November, advancements in Covid-19 vaccines led to a decrease in this trend, a result of the turbulent period we are going through.

“Regardless of the market volatility and the price changes that could occur over a given period of time, the fundamental fact is that the price of gold over the course of 2020 has reached an all-time high, and this, in my opinion, is very good news for the world economy,” explains Franco Favilla, founder and CEO of Seasif, a multinational company active in the extraction and trading of gold and oil.

According to Mr. Favilla, the main problem of the pre-Covid economy was the completely arbitrary nature of international finance. At one time, a ton of gold corresponded to a ton of currency, but since the 1980s, and at an impressive rate since 2000, the gap has widened enormously, so much so that today the relationship between the world’s currencies and gold is enormously unbalanced.

Total gold reserves around the world cover only 30% of currencies. This means there is nothing to cover and guarantee the value of money. In short, money has turned into a pure convention, a pure agreement between parties acting outside the market. Gold, on the contrary, guarantees democracy, because it protects savers and the market, offering an objective value for parameterizing every transaction. 

“My hope, therefore, is that the crisis caused by Covid-19 will help to change finance, making it less ‘phantom’ and more linked to an objective dimension, based on gold, with obvious advantages for the real economy. Gold protects consumers, the most important component in any economic system: if you don’t have a market made up of consumers with a certain level of wealth, how can you sell? To whom? Consumer protection must come first, and gold is one of the main ways of protecting them,” states the CEO of Seasif.

Sustainability has also been at the forefront in discussions about the post-Covid world, as countries look towards establishing a more resilient global economy, one able to better withstand such events in the future –– and “green gold” may well be a part of that future. Green gold, in a sense, can be considered the “gold of the future” due to its ethical and sustainable extraction process. Seasif produces green gold, with a department entirely dedicated to green, and has allocated economic incentives to its continued production.

Even as 2020 draws to a close, the future may still look uncertain. But for those searching for greater security, gold may be one of the few certainties left.

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Europe

How much money do you need to live comfortably in Spain?

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There are plenty of reasons why you may be thinking about living in Spain: its population is friendly and kind; its climate, especially in the coastal areas, is enviable; its gastronomy is incredible… but, what about its prices? What is the most affordable way to live in Spain?

Perhaps the most important question if you decided to go: would it be better to buy instead of renting a property in Spain. Or yet living in a Spanish residence?

Spanish cities where to live cheap and well

In the geographical variety that Spain presents, we can find many differences in average salaries and the standard of living that reside there would require. The areas of Galicia, Extremadura, Castilla y León, together with Almería and the south of Alicante usually have a lower price of euros/square meter in their homes. The quality of life is really appreciable, but you should know that there are fewer possibilities for business and transports.

The autonomous community of the Basque Country, Catalonia, and Madrid, which have higher than average incomes (normally more than 24,000 euros per year), also have higher prices. However, Madrid has such a wide range of rents that it sometimes makes them cheaper than other countries. 

In addition, and taking into account the tourist seasons, the areas of Valencia and Andalusia are normally a preference when it comes to living in Spain for a while or even spending your retirement. Although day-to-day life can be more expensive than in other areas of Spain, the mild climate and variety of leisure options are often worth it in the long run. 

Whatever your option is when moving to another country, especially if you don’t know its legal system, can be very tiresome. That’s why our advice is to try to contact local agencies (that speak English) to give you fair and fruitful advice. For example, to move to Andalusia, we usually recommend Tejada solicitors

I have already decided on the place. Now what?

Well, if you have already fully immersed yourself in the streets of a beautiful city that we have talked about, what should be your first step?

Decide what kind of stay you want to be in (since your future economic situation will also depend on this: taxes, permits…). You may have already chosen, for example, property conveyancing in Marbella, but it is recommended that you also think about renting a property, because it can be very profitable while you are in your other place of residence.

To sum up, before moving to a Spanish city, decide if you want to spend a little more money per month in exchange for the exceptional conditions that their precious land can give you; secondly, contact a reliable agency that will help you make the best investment and even more, apply for a Spanish residency if you are decided to stay for a long time.

And remember: a move is always a new beginning.

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Holiday in Italy: choose Florence for a break in the winter

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Florence is one of the most visited Italian cities, with over 15,4 million tourists visiting the city each year. Located in the heart of the Tuscany region, this beautiful city breathes history, life and culture among its streets. If you are looking for the perfect location for your next winter holidays, then you should look no further, Florence is the perfect destination for you.

Enjoying the best cuisine

Florence is one of the cities with the richer gastronomy in the world. From traditional Italian cuisine to exquisite wines, the food in this city have everything you may wish for in order to please your palate.  With so many options available, you may be wondering where to eat in Florence. Food critics recommend that you check out the following options during your visit to Florence: 

  • Traditional Italian cuisine: visiting Florence and not tasting original Italian cuisine would be considered blasphemous by many.  Italy has one of the most delicious gastronomies in the world, and in Florence you will be able to taste it at its finest with local ingredients. Restaurants like La Chiostrina or Il Rosmarino will allow you to rediscover Italy by its traditional food.
  • Tasting the local wine: wines from the Tuscany region are famous worldwide as the best in the market, making this region the Mecca of wine lovers. During your visit to Florence you will be able to taste those deliquescent wines in restaurants such as Olio Restaurant or Villa Pitiana Restaurant, or taste it on places dedicated exclusively to wine such as Enoteca Obsequium Firenze or L’Enoteca Sandro Soltani.
  • International cuisine: if you like international cuisine, then you are on luck. The best chefs around the globe have restaurants on Florence. This means that you will be able to taste flavours from all the world without having to leave the city. For example,  you can visit the restaurant El Inca for a taste of Peruvian food, restaurant Com Saigon for genuine Vietnamese cuisine, restaurant Ararat for Armenian and Georgian traditional food, or Dim Sum for refined Chinese cuisine. Discover the world by trying the taste of these countries’ traditional flavours.
  • Taste original gelato: gelatos are the ice cream predecessors, and they have been one of Italy’s culinary specialties for centuries . This traditional Italian cold dessert is similar to ice cream, but has less fat and less added sugar. You will be able to enjoy this amazing treat on the many gelaterias around Florence streets, such as Gelateria Edoardo or Gelateria Dei Neri.
  • Tapas and Street food: these are excellent alternatives if you are looking to make a simple meal with your family. You will be able to enjoy these small dishes in places like Italian Tapas or Rivalta Cafe.
  • Modern cuisine: you can taste the most modern and alternative cuisine in the world in Florence. Restaurants like Alla Torre De’ Rossi or Winter Garden by Caino will bring to your table the sophistication the more delicate palates crave. 

Discover Florence’s hidden gems

Florence is a city with a lot of monuments and museums to discover. However, most people that visit the city tend to focus only on the main monuments of the city, such as Campanile di Giotto or Palazzo Vecchio o della Signoria, and the restaurants near those. Because of that, if you want to experience Florence to its fullest, we recommend you rent a bike

Discovering Florence by bike will grant you access to places away from the mainstream crowds,  such as the Andrea del Sarto Museum (dedicated to this amazing Italian painter) or the beautiful Ospedale degli Innocenti (a 17th-century home for abandoned children which includes some amazing pieces of art done by renowned artists like Botticelli). These are really stunning places you would miss if you stick to the traditional tourist route, causing you a lot of regrets over the missed chance. 

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