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Every Jan. 6, Greeks celebrate Epiphany with a ceremony full of symbolism and hope. All over the country, priests throw a gold cross into open water and young men dive in to retrieve it. The winners get a blessing on the spot; everyone else takes home some holy water for a trouble-free new year. Newly elected Greek Prime Minister George Papandreou attended ceremonies on the Aegean island of Lesbos this year, but with Greece sinking under debt and a huge budget deficit as fast as a priest's crucifix, Papandreou is going to need more than holy water...

Author: /time Magazine | Title: Greek Tragedy: Athens' Financial Woes | 2/15/2010 | See Source »

...sense of urgency may finally be hitting home. "Greeks have realized, in the last 40 days, that this is no joke," says Eftichios Vassilakis, vice chairman of Aegean Airlines, Greece's largest air carrier. "We are at a critical moment. Some like to say that Greeks respond best when we're at the edge of the cliff. Well, we're definitely at the edge of the cliff." Some Greek business leaders hope that the medicine, though bitter, will produce a healthier economy. "The crisis was inevitable," says Ioannis Kamatakis, CEO of MLS Multimedia, a technology company that produces GPS systems...

Author: /time Magazine | Title: Greek Tragedy: Athens' Financial Woes | 2/15/2010 | See Source »

Companies that have interests outside Greece are also likely to fare better. Kyriakos Sarantis, CEO of Sarantis, a $363 million consumer-products company, expects revenue to remain flat despite the problems at home, in large part because nearly 60% of his business is in Eastern Europe. "That exposure is helping," he says. Aegean Airlines, which may have to move to short-term leases for some of its fleet, is also looking outward. In the last six months, the carrier added routes to Egypt, Israel and Turkey. Greece's $40 billion shipping industry - the country controls 22% of the world...

Author: /time Magazine | Title: Greek Tragedy: Athens' Financial Woes | 2/15/2010 | See Source »

...lucky daughter: I got to be the final caregiver for both my parents. For almost 12 years I cared for them and handled their affairs. My mother passed away four years ago, and 13 months later my father passed away--in my home, with the wonderful assistance of hospice. I always kept my sisters, who were not able to move to help our parents in the way I did, informed about the true medical condition of our parents, and they have always recognized and appreciated what...

Author: /time Magazine | Title: Inbox | 2/15/2010 | See Source »

...many shore towns, including Seaside Heights, N.J. Though it didn't have the moniker Sleazeside Heights in the '70s, we did have our share of guys showing off their abs. I still get giddy every time I get off the plane at Newark, and I know I am really home when I get that first slice from Palumbo's Pizza on Route 9 in Old Bridge. The Midwest has grown on me these past 30 years, but it can be a bit staid. Jersey? There's never a dull moment! That's why I love it--Jay, Silent Bob, Snooki...

Author: /time Magazine | Title: Inbox | 2/15/2010 | See Source »

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