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Miami Herald
25-05-2025
- Business
- Miami Herald
Hedge-fund manager sees U.S. becoming Greece
Maybe you forget Grexit, the nickname given to Greece's multi-year financial crisis in the mid-2010s. It had many people, investors and governments worried the small nation would be forced to withdraw from the European Union. It was a big deal at the time. Greece was a financial and economic mess because government spending was far greater tax revenue. It caused financial outlets to devote many, many column inches or many, many broadcast minutes debating what might happen if Greece was tossed from the European Union. This Memorial Day, get $100 off TheStreet Pro - our best deal of the summer won't last long! Your portfolio will thank you! Solutions were found Greece afloat, and the country so far hasn't tossed from the EU, but its finances remain shaky. The StreetPro columnist Doug Kass hasn't forgotten Grexit. And he's worried the financial condition of the United States is deteriorating into something resembling Greece. Related: Billionaire fund manager, skeptical of AI, backs shocking stock What prompted Kass' thinking came a day after Congress passed President Trump's "beautiful tax bill." The bill would extend Trump's 2017 tax cuts and add tax cuts but doing little to replace lost tax revenue. The event that Kass saw was that the prices of credit default swaps on U.S. government debt (which pay off in event of a default) were nearing the prices now being charged on credit default swaps on Greece's debt. Credit default swaps are basically insurance, and you pay what is basically a premium for the protection. If the debtor defaults on the debt, he pays off the investor. Kass, president of Seabreeze Partners Management, thinks investors appear blissfully unconcerned with implications of the tax bill. "It appears investors are dancing like 'Zorba the Greek,' while the U.S. spends gluttonously," he wrote. "Zorba the Greek" was Nikos Kazantzakis' 1940s novel and, later, a 1964 film about a Greek working man whose zest for life overshadows all else, often with tragic implications. What shocks Kass: "The bill's debt impact - with a 220% debt-to-GDP ratio by 2055 - reflects the Republican party's ideological shift to the Democratic party's liberal big spending of the past." Keystone-France/Getty Images The underlying assumption being that tax cuts will fuel economic growth and take care of the deficits. Maybe not. The major bond-rating agencies no longer see U.S. debt as AAA rated. Moody's Investors Service downgraded U.S. debt on May 16 to Aaa to Aa1. Related: Stock Market Today: Tariffs are back! Stocks (surprise!) are lower. Investors did pay attention to the downgrade. It was part of the reason the S&P 500 fell 2.6% this past week. (President Trump also contributed to the decline with new tariff threats and criticism of Apple's (AAPL) reluctance to move production of iPhones back to the United States. Apple fell 7.6% on the week.) More Economic Analysis: Fed inflation gauge sets up stagflation risks as tariff policies biteU.S. recession risk leaps as GDP shrinksLike it or not, the bond market rules all And the credit default swaps market sees U.S. debt facing more downgrades, maybe down to BBB+, not much above BB-. That's Standard & Poors' minimum rating for an investment-grade bond. To real solution to fixing the problem, Kass thinks, "is cutting expenses, and biting the bullet that way, but neither party seems willing to do that." Related: Car dealers have a bigger problem than tariffs Today's expanding debt crisis may be similar to 2007, Kass says, when the subprime mortgage crisis was starting to emerge. At the time, Chuck Prince, then CEO of banking giant Citigroup (C) , famously said. "As long as the music is playing, you've got to get up and dance." To Doug Kass, it sounds like Zorba the Greek. Related: Veteran fund manager who forecast S&P 500 crash unveils surprising update The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
See - Sada Elbalad
09-04-2025
- Entertainment
- See - Sada Elbalad
Cairo Opera House Hosts Unforgetable 'Zorba the Greek' Performance, Promoting Greece-Egypt Deep Ties
Rana Atef On Tuesday, the Cairo Opera House hosted a stunning performance of Zorba the Greek by legendary Greek composer Mikis Theodorakis in celebration of Greek National Day and the declaration of 2025 as a year to honor Theodorakis. Described as "a Greek Night on Cairo's lands," the event drew large crowds of both Egyptians and Greeks, coming together to celebrate the shared values of friendship, culture, and a deep passion for music and the arts. The performance, delivered with professionalism, talent, passion, and harmony, featured the Hellenic Broadcasting Corporation (ERT) and the Acappella Choir of the Cairo Opera House. Their rendition of Theodorakis' masterpiece beautifully embraced the Greek work and its profound emotional language. The event was organized by the Embassy of Greece in Cairo, in collaboration with the Egyptian Ministry of Culture, the Cairo Opera House, and the Acappella Choir, which impressed with their interpretation of the iconic Greek composition. The audience's enthusiastic response was incredible, with loud applause after each movement. However, it was Zorba's iconic dance music that truly sent the crowd into the loudest and most fervent applause of the evening. Conductor Michalis Economou was equally engaged with the audience, expressing his joy and excitement about performing at the Cairo Opera House. read more Analysis- Turkey Has 0 Regional Allies... Why? Analysis: Russia, Turkey... Libya in Return For Syria? Analysis: Who Will Gain Trump's Peace Plan Fruits? Analysis: Will Turkey's Erdogan Resort to Snap Election? Analysis: What Are Turkey's Aspirations in Iraq? Opinion & Analysis Analysis: Mercenaries In Libya... Who Should Be Blamed? Opinion & Analysis Analysis- How 'Libya Nightmare' Takes Erdogan to Algiers Opinion & Analysis Analysis: What Happens After Brexit? Opinion & Analysis Analysis: Strategic Significance of Libya's Sirte, Jufra! News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
See - Sada Elbalad
08-04-2025
- Entertainment
- See - Sada Elbalad
Greek Embassy in Cairo Hosts Reception Celebrating ERT Symphony Orchestra, ‘Acapella' Choir of Cairo Opera House
Rana Atef On Monday, the Greek Embassy in Cairo held a warm reception to welcome the National Symphony Orchestra of ERT and the Egyptian 'Acappella' Choir of the Cairo Opera House on the eve of the anticipated 'Zorba the Greek' performance at the Cairo Opera House. The event was attended by the Greek Ambassador to Cairo, officials of Greece Embassy in Cairo, and members from the National Symphony Orchestra of ERT, and the Egyptian' Acappella' Choir of Cairo Opera House. Tuesday's performance will be held in celebration of Greek National Day, as well as the declaration of 2025 as the year dedicated to the legendary composer Mikis Theodorakis. The event is an example of the deep collaboration between Greece and Egypt in the scene of arts and culture to enhance the mutual dialogue between the peoples of both countries. Reflections on 'Zorba the Greek' Performance Cultural Significance To touch upon the cultural value of 'Zorba the Greek' performance at such a prestigious stage as Cairo Opera House, SEE News interviewed several members from both ensembles that will perform the show. Greek Harpist Ersilia Mikrou said: 'We are super happy to be here and very excited to perform tomorrow,' adding: 'It's an honor to perform this iconic work by a composer who has shaped Greek culture, and to do so in a way that bridges cultures with Egypt. It's my first time performing at the Cairo Opera House, and it's such an amazing concert hall.' Conductor Michalis Economou echoed his sentiments, expressing his excitement and emotional connection to the occasion. 'It's a very big honor for the Greek National Radio Symphony Orchestra to be here and to cooperate with this amazing chorus. I rehearsed with them yesterday and was so thrilled. We are performing a piece that is part of Greek cultural heritage—Zorba the Greek by Mikis Theodorakis—which, in my opinion, is even more widely recognized than our national anthem. It's emotional for us to be in a country with such a rich tradition in the arts,' he highlighted. Despite it being his first time in Cairo, Economou is confident: 'The atmosphere is so friendly, I'm just ready to go and perform. It will be fantastic.' A Shared Sentiment Between Egypt and Greece A senior member of the orchestra also emphasized the emotional resonance of performing in Cairo: 'The orchestra is incredibly excited to be here. When Greek people come to Egypt, there is a strong emotional bond—these two countries have been close forever. That sentiment will come through in the music. I think the audience will see our performers give 200%.' Although the orchestra previously performed in Alexandria at the opening of the Bibliotheca Alexandrina, this concert might mark their debut at the Cairo Opera House. A Night to Remember Greek Ambassador to Egypt, Nikolaos Papageorgiou, shared his pride in the cultural cooperation. He described: 'On the occasion of Greek National Day and the declaration of 2025 as the year of Mikis Theodorakis, I am very happy that the Greek Radio and Television Symphony Orchestra has found its way to Cairo. This is another exceptional moment of cooperation between the Embassy, the Ministry of Culture, and the Cairo Opera House, and we are truly grateful.' Voices from Egypt's "Acappella" Choir Members of the Acappella Choir of the Cairo Opera House also expressed their excitement and appreciation for the cultural collaboration. Acappella Choir of the Cairo Opera House member Mahmoud Waheed expressed: 'We are thrilled to be part of this collaboration between the Greek Embassy and the Cairo Opera House. Zorba is one of the most important ballets internationally, and it's rare in that it incorporates choral singing. This is a beautiful opportunity for cultural exchange.' Choir member Joe Ashkar added: 'It's the first real collaboration between our choir and a foreign embassy during my time here. We've done performances with German and Italian groups before, but we rarely had a chance to get to know each other and explore each other's cultures like this. This is a special experience.' A Highly-Anticipated Return Director of Music Ensembles at ERT, Maria Kopana, noted the historic return: 'It's wonderful to be back in Egypt. The last time we were here was in 1993—32 years ago. It's a joy to return and to present this iconic work by Mikis Theodorakis. The cooperation with the Cairo Opera House and the Greek Embassy has been excellent. We're truly honored.' The collaboration between the Greek National Symphony Orchestra, the Cairo Opera House's Acappella Choir, and the Greek Embassy in Cairo reflects the mutual cultural relationships between Egypt and Greece, exemplifying the importance of cultural and artistic exchange to connect people. read more New Tourism Route To Launch in Old Cairo Ahmed El Sakka-Led Play 'Sayidati Al Jamila' to Be Staged in KSA on Dec. 6 Mandy Moore Joins Season 2 of "Dr. Death" Anthology Series Don't Miss These Movies at 44th Cairo Int'l Film Festival Today Amr Diab to Headline KSA's MDLBEAST Soundstorm 2022 Festival Arts & Culture Mai Omar Stuns in Latest Instagram Photos Arts & Culture "The Flash" to End with Season 9 Arts & Culture Ministry of Culture Organizes four day Children's Film Festival Arts & Culture Canadian PM wishes Muslims Eid-al-Adha News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. 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