Greek-Turkish Dilemmas and the Cyprus-EU Accession Process

This article compares the processes of foreign policymaking in Greece and Turkey in order to examine why the incentives and pressures of the enlargement process have failed until now to initiate a settlement in the Cyprus bicommunal negotiations. While most studies on the Cyprus problem have focused on the two communities of the island, little at-tention has been paid to the policies of the two â??motherlandsâ??, namely Greece and Turkey. Yet their leverage on the two Cypriot communities and their conflicting expectations with regard to an enlarged Europe in the Eastern Mediterranean constitute a complex security puzzle. The Republic of Cyprus stands as a champion candidate member for the next enlargement, amid fears of Turkish reprisals and hopes for a po-litical settlement on the island. With the benefits of settlement overwhelming the benefits of any other alternative, it is paradoxical that the parties seem to be about to fail to reach a last-minute, mutually beneficial compromise. I try to resolve this paradox by supplementing rational choice theory with cognitivist theories of international relations. While rational choice predicts a direct relationship between external environment and foreign policy shifts, the case of Cyprus suggests that this relationship is actually indirect. Without understanding how the external environment is framed in the domestic political discourse of Greece and Turkey, it is impossible to demonstrate how outside pressure and incentives affect foreign policy shifts.

COMMUNICATION AND GREEK ENVIRONMENTAL ORGANISATIONS: MEANS OF COMMUNICATION AND INFLUENCING FACTORS

A basic operational objective of any environmental organisation is to raise awareness among the public on issues of environmental protection, through the dissemination of knowledge and experience to local communities, so that the conservation and ecologically sound management of natural resources can acquire a local dimension. This can be achieved either through interventions directed at the State, mainly in relation to its legislative function, or by encouraging citizens to change or improve their attitude regarding environmental matters. In order to ensure a successful outcome and the efficient functioning of any organisation, a feeling of mutual trust and understanding should exist between the latter and its various audiences, i.e. the State and society. A basic ingredient of this balance between the organisation, the broader public and the State is effective communication and activity planning. As a way of contributing to the exploration of this process, this paper describes the means of communication used by Greek environmental organisations, and presents, through a non-linear model, the differentiation amongst them, in conjunction with aspects of the profile of those running each organisation and other indicators, such as the years in operation and the membership figures in each sampled organisation. The paper concludes by arguing that the diversification of communication means is related to the head person's years as a member of the organisation and the extent of its total membership. Another important finding is that the more the involvement in activities within the organisation, the less differentiation we observe amongst the employed means of communication.

Commonality in Returns, Order Flows, and Liquidity in the Greek Stock Market

Using a unique high-frequency data-set on a comprehensive sample of Greek blue-chip stocks, spanning from September 2003 through March 2006, this note assesses the extent and role of commonality in returns, order flows (OFs), and liquidity. It also formally models aggregate equity returns in terms of aggregate equity OF, in an effort to clarify OF's importance in explaining returns for the Athens Exchange market. Almost a quarter of the daily returns in the FTSE/ATHEX20 index is explained by aggregate own OF. In a second step, using principal components and canonical correlation analyses, we document substantial common movements in returns, OFs, and liquidity, both on a market-wide basis and on an individual security basis. These results emphasize that asset pricing and liquidity cannot be analyzed in isolation from each other.