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Greek Parliament
Athens
By Nicola Zolin
13 Jul 2015

Greek Parliament Debates Debt Crisis

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Greece Debt Crisis Affects Ordinary P...
Athens, Greece
By Achilleas Zavallis
30 Jun 2015

As the Greek debt crisis continues to take the headlines in Europe and beyond, the country’s population fears that capital controls would be imposed by the government. On the streets, Greeks show mixed signs about the Eurozone. As the country’s economy is in recession, many in Greece are now favoring an exit from the Eurozone, with some others still supporting the single currency.

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Greece Debt Crisis 09
Athens, Greece
By Achilleas Zavallis
30 Jun 2015

People queue outside the National Bank of Greece on June 30, 2015 to withdraw money after the Greek Prime Minister Alexis Tsipras announced a referendum for July 5 to decide whether to accept or not the latest proposed deal by the country's creditors.

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Greece Debt Crisis 03
Athens, Greece
By Achilleas Zavallis
27 Jun 2015

People queue outside Piraeus Bank on June 27, 2015 to withdraw money after the Greek Prime Minister Alexis Tsipras announced a referendum for July 5 to decide whether to accept or not the latest proposed deal by the country's creditors.

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Greece Debt Crisis 04
Athens, Greece
By Achilleas Zavallis
27 Jun 2015

Street scene in Athens after the Greek Prime Minister Alexis Tsipras announced a referendum for July 5 to decide whether to accept or not the latest proposed deal by the country's creditors.

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Greece Debt Crisis 05
Athens, Greece
By Achilleas Zavallis
27 Jun 2015

A security guard stands in front of a Piraeus Bank ATM on June 27, 2015 after the Greek Prime Minister Alexis Tsipras announced a referendum for July 5 to decide whether to accept or not the latest proposed deal by the country's creditors.

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Greece Debt Crisis 06
Athens, Greece
By Achilleas Zavallis
27 Jun 2015

A man reading the newspaper headlines in the center of Athens on June 27, 2015 after the Greek Prime Minister Alexis Tsipras announced a referendum for July 5 to decide whether to accept or not the latest proposed deal by the country's creditors.

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Greece Debt Crisis 07
Athens, Greece
By Achilleas Zavallis
27 Jun 2015

Street scene in Athens on June 27, 2015 after the Greek Prime Minister Alexis Tsipras announced a referendum for July 5 to decide whether to accept or not the latest proposed deal by the country's creditors.

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Greece Debt Crisis 08
Athens, Greece
By Achilleas Zavallis
27 Jun 2015

Street scene in Athens on June 27, 2015 after the Greek Prime Minister Alexis Tsipras announced a referendum for July 5 to decide whether to accept or not the latest proposed deal by the country's creditors.

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Greece Debt Crisis 02
Athens, Greece
By Achilleas Zavallis
22 Jun 2015

Pro-Euro and EU demonstration at Syntagma, in Athens, on June 22, 2015.

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Greece Debt Crisis 01
Athens, Greece
By Achilleas Zavallis
18 Jun 2015

Greek soldiers at a pro-Eurozone and Euro currency demonstration on June 18, 2015 in Athens.

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Greek Elections B-ROLL: Athens City S...
Athens
By Kostis Ntantamis
23 Jan 2015

Athens;Greece;Acropolis;Parthenon;daily life;News;general shots;people passing by;people walking;flags;flag;Greek;european;Europe;Eurozone;Euro;EU;parliament;Vouli;syntagma;Syntagma square;busy street;busy streets;elections;election;legislative;austerity;work;employment;economy;economics

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Lithuania Joins Euro Zone 10
Silale, Lithuania
By Berta Tilmantaite
30 Dec 2014

Zita watches TV to find out what's going on in the country and world. She learned everything she knows about the European currency on television news.

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Lithuania Joins Euro Zone 05
Silale, Lithuania
By Berta Tilmantaite
30 Dec 2014

Zigmantas familiarises himself with euros before Lithuania adopt the euro instead of the national currency, the litas. Small packages of euro coins (11,58Euros=40Litas) were sold in the country and became one of the most popular Christmas presents.

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Lithuania Joins Euro Zone 09
Silale, Lithuania
By Berta Tilmantaite
30 Dec 2014

Zigmantas drew a chart to help himself and his wife Zita to convert litas to euros after Lithuania adopted the euro on the 1st of January.

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Lithuania Joins Euro Zone 03
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

A hairdresser collects her payment in litas in Silale, Lithuania. The 31st of December was the last day of the Lithuanian Litas, before the country adopted euros. After the 1st of January it will be possible to pay in both litas and euros for a couple of weeks. After that the euro will be the official currency in Lithuania.

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Lithuania Joins Euro Zone 04
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Zigmantas familiarises himself with euros before Lithuania adopt the euro instead of the national currency, the litas. Small packages of euro coins (11,58Euros=40Litas) were sold in the country and became one of the most popular Christmas presents.

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Lithuania Joins Euro Zone 06
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Special motion cards were made to help people convert litas to euros in Lithuania. Flipping card allows one to see how much a certain amount of litas will be in euros.

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Lithuania Joins Euro Zone 08
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Zigmantas familiarises himself with euros before Lithuania adopt the euro instead of the national currency, the litas. Small packages of euro coins (11,58Euros=40Litas) were sold in the country and became one of the most popular Christmas presents.

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Lithuania Joins Euro Zone 11
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Zigmantas and Zita familiarise themselves with euros before Lithuania replaces their national currency, the litas.

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Lithuania Joins Euro Zone 13
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Gouda, 16, rearranges her wallet, keeping both litas and new euros, which were adopted in Lithuania on the 1st of January, 2015. Gouda got a few packages of euro coins (11,58Euros=40Litas) for Christmas. Euros were among the most popular Christmas presents this year.

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Lithuania Joins Euro Zone 14
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Gouda, 16, rearranges her wallet, keeping both litas and new euros, which were adopted in Lithuania on the 1st of January, 2015. Gouda got a few packages of euro coins (11,58Euros=40Litas) for Christmas. Euros were among the most popular Christmas presents this year.

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Lithuania Joins Euro Zone 07
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Zigmantas familiarises himself with euros before Lithuania adopt the euro instead of the national currency, the litas. Small packages of euro coins (11,58Euros=40Litas) were sold in the country and became one of the most popular Christmas presents.

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Lithuania Joins Euro Zone 12
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Gouda, 16, rearranges her wallet, keeping both litas and new euros, which were adopted in Lithuania on the 1st of January, 2015. Gouda got a few packages of euro coins (11,58Euros=40Litas) for Christmas. Euros were among the most popular Christmas presents this year.

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Lithuania Joins Euro Zone 15
Silale, Lithuania
By Berta Tilmantaite
29 Dec 2014

Gouda, 16, rearranges her wallet, keeping both litas and new euros, which were adopted in Lithuania on the 1st of January, 2015. Gouda got a few packages of euro coins (11,58Euros=40Litas) for Christmas. Euros were among the most popular Christmas presents this year.

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Lithuania Joins Euro Zone 01
Silale, Lithuania
By Berta Tilmantaite
14 Dec 2014

The municipal building in Silale is decorated with the 1000 litas note that was in use from 1926 to 1941. In the record book of Lithuania, it is registered as the biggest stained-glass window, made from 4500 pieces of stained glass.

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Lithuania Joins Euro Zone 02
Silale, Lithuania
By Berta Tilmantaite
14 Dec 2014

The municipal building in Silale is decorated with the 1000 litas note that was in use from 1926 to 1941. In the record book of Lithuania, it is registered as the biggest stained-glass window, made from 4500 pieces of stained glass.

Huge tears are cut out from two human figures on the note as a part of the movement "crying litas." Tears are drawn or cut out on the notes to symbolize the sadness of losing the national currency, litas.

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Russia Faces Currency Woes (NSV)
Moscow
By Julia Lyubova
28 Nov 2014

NATURAL SOUND VERSION -- Suggested Script Below

Russia is facing bleak economic prospects as the country's national currency continues to fall. The ruble has already lost almost 30% of its value since June. It plunged some 14% against the US dollar in November alone. The ruble’s devaluation has had an adverse effect on many sectors of the economy.

Western sanctions over the Ukrainian crisis are playing a serious role in Russia's economic woes. The country's Finance Minister recently said that the economy is set to lose 40 billion US dollars per year from sanctions. These punitive measures block Russian companies from borrowing in the West, which could push the country towards a credit crunch.

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Russia Faces Currency Woes (VO)
Moscow
By Julia Lyubova
26 Nov 2014

Western sanctions on Russian businesses and individuals in response to Russia’s annexation of Crimea and alleged military involvement in Eastern Ukraine are beginning to take a toll on the ruble. The Russian government denies allegations by Western governments that it supports pro-Russian rebels in the Donbass region.

Multiple rounds of economic sanctions by the US, the EU and other Western countries starting in March 2014 progressively put travel bans in place on high-ranking officials, froze assets and banned transactions originating from certain individuals, and eventually targeted Russian energy firms and banks, with the goal of bringing about political change. Russia responded in kind, banning the import of agricultural goods from countries supporting the sanctions.

Today, Russia is facing bleak economic prospects as the country's national currency continues to fall. The ruble has already lost almost 30% of its value since June. It plunged some 14% against the US dollar in November alone. The ruble’s devaluation has had an adverse effect on many sectors of the economy.

“First of all it raised nearly twice the prices for agricultural goods, and for some industrial goods,” said Andrei Fedorov, an economist at The Russian Academy for Economics, Finance and Law. “ It's a very serious blow against tourism, tourism for Europe fell about 40% and only Turkey, Egypt and Thailand are still remaining on the tourists' list. One of the biggest blows is against automobile market... The ruble devaluation created a crisis in selling apartments, houses, dachas, et cetera.”

The Central Bank of Russia had been spending billions in a bid to prop up the ruble in recent months. But in early November it decided to cease its artificial support for the currency. The Bank of Russia says it will only intervene to prop up the ruble if there is a threat to financial stability.

“The Central Bank raised interest fees, interest rates, nearly twice since the beginning of the year,” Federov said. “And probably will do it once again in the beginning of next year...But all these things are not very much working also because there's certain panic inside the population. Since the beginning of the year, people have bought 45 billion dollars in cash. And of course all this money are not kept in the bank.”

The recent fall in global oil prices partly contributed to the weakness of the ruble. Russia's economy relies heavily on revenues from oil and gas exports. This makes the Russian ruble highly volatile to changes in oil prices and could lead to serious economic problems.

Aleksandr Zotin, the economic analyst and observer at 'Dengi' magazine likened the situation to the recessions that struck European economies after the sub-prime crisis in the US.

“According to the forecast of the Central Bank, if the price of oil declines to 60 dollars per barrel, the decline of the GDP could be around four percent, a rather big decline,” he said. “So it will be, I think, a serious recession, resembling the recession of 2009.”

Western sanctions over the Ukrainian crisis are playing a serious role in Russia's economic woes. The country's Finance Minister recently said that the economy is set to lose 40 billion US dollars per year from sanctions. These punitive measures block Russian companies from borrowing in the West, which could push the country towards a credit crunch.