1 AHEPA Mount-Royal Chapter CJ7 Newsletter October, 2014 Visit our website for the calendar of meetings and events: MESSAGE FROM THE CHAPTER PRESIDENT Dear brothers, We are already mid-october and action plans from our last meeting are on the right track. Since we last met, Brother Frank Antoniou, our PCP George Vassilas, our Canadian President Ken Matziorinis and I attended the District Governors Conference in Washington DC along with Brothers George Meletakos, George Daoud and Peter Papanikolopoulos representing the Sons of Pericles. Also in attendance were Sisters Kally Kastaniotis, Angela Moore and Paris Tsikis from the Maids of Athena Chapter and Maids of Athena Grand Treasurer Sister Effie Sapuridis. The emphasis of the meetings was mainly placed on the importance of increasing membership from all Chapters by the end of this year. Different events have been planned to assist with the national project of raising funds towards the reconstruction of St Nicholas Church in New York near ground zero. AHEPA is continuing to provide aid to Greece by raising funds for the Apostoli mission, as well as uniting with the IOCC to assist in shipping medical supplies to the AHEPA Hospital and Evagelismos, bringing the contributions of medical aid to over $4.2million. On Friday October 3 rd, our AHEPA family held the Installations Ceremony at Chateau Royal. All four Orders of the AHEPA family were formally installed in our customary tradition. Congratulations to the Chairs, Sister Angela Moore and Brother NOTICE OF CHAPTER MEETING Wednesday, October 15 th, :45-6:30 p.m. Food & drinks served in the office 6:30 p.m. Mikri Vouli, Hellenic Community Center 5777 Wilderton Ave AGENDA 6:30 p.m. Call to Order Reading of Minutes Business Arising from Minutes Correspondence Reports: President Treasurer Golf Tournament Final Report Valentine s Ball Christmas Party New Business For the Good of the Order 7:45 p.m. Adjournment of Meeting 8:00 p.m. Guest Speaker Christina Kadas Notary Power of attorney in case of incapacity and wills Never discourage anyone who continually makes progress, no matter how slow Plato, B.C.
2 AHEPA Montreal Executive Jimmy Dionissopoulos President Ioannis Panagiotou, CPA, CA Vice-President George Meletakos Secretary Peter Hatzigeorgiou Treasurer Governors Peter Scoufaras, P.P. Chairman of the Board Dr. Ioannis Bougas, P.P Xenophon Scoufaras, P.C.P Lazarus Kalipolidis, P.C.P Demetris J. Yantsulis, P.P. Director of Public Relations Officers George Sinoyannis Vice-President Hellenism Dr. Nicolas Abatzoglou Vice-President Education Dr. Ioannis Bougas, P.P. Vice-President Civic Responsibility George Kolokotronis Vice-President Individual & Family Excellence James Hutchison Vice-President Philanthropy Peter Hatzigeorgiou (carefully guided by brother Lazarus Kalipolidis) for their remarkable execution during the evening. Sister Yiota Efraimidis added an interesting flavor to the ceremony by presenting the DOP installations in Greek. Lastly, a special thank you to sister Maria Pilarinos for her support and input during the presentations. This year s Scholarship awards were presented by VP of Education Brother Nicolas Abatzoglou to the worthy recipients: Michael Destounis, Spyridon Loumakis and Efstratios D. Rounis. A Certificate of Merit was awarded to Brother Demetri Yantzoulis for over 45 years of continuous efforts to AHEPA and the Hellenic community. The distinguished guests for the evening were HCGM Executive Vice-President Andreas Crilis, Consul General of Greece Nicolaos Sigalas and the Liberal Party candidate Peter Papadakis accompanied by his wife. On Sunday October 5 th, the DOP hosted a Scholarship Luncheon at the Hellenic Community Center. Dr. Laurie Betito Psychologist and host of Passion on CJAD was the guest speaker and kept everyone entertained with the attention-grabbing theme Love and Relationships. Last but not least, the Valentine s Ball Committee is already hard at work raising funds for this year s cause in assisting our Greek schools with Electronic Educational Materials. Brothers, I am confident that you will support this year s celebration ensuring its success. Let s make this another memorable event! Fraternally, Jimmy Dionissopoulos President AHEPA Mount-Royal Chapter CJ7 Nicholas Avgoustakis Athletic Director Rev. Nicholas Andreou Chaplain Manos Christofidis Warden Gilbert Strudwick Captain of the Guard Paying Ones Dues on Time!!!
3 Hellenes and their belief in utopia something that applies today as stated almost 60 years ago by the great writer and philosopher about Greece in a radio interview by Pierre Sipriot in Paris. Ο μεγάλος Νίκος Καζαντζάκης στο Παρίσι, στο Γάλλο δημοσιογράφο, Pierre Sipriot, στις 6 Μαΐου, 1955! Για την Ελλάδα «Όσο πιο μακρυά είμαστε από την πατρίδα μας, τόσο περισσότερο τη σκεφτόμαστε και τόσο περισσότερο,την αγαπάμε. Όταν βρίσκομαι στην Ελλάδα βλέπω τις μικρότητες, τις ίντριγκες, τις ανοησίες, τις ανεπάρκειες των αρχηγών, τη μιζέρια του λαού. Όμως από μακρυά δεν βλέπουμε τόσο ευδιάκριτα την ασκήμια και έχουμε περισσότερη ελευθερία να πλάσουμε μια εικόνα της πατρίδας αντάξια ενός ολοκληρωτικού έρωτα. Να γιατί δουλεύω καλύτερα και αγαπώ καλύτερα την Ελλάδα όταν βρίσκομαι στο εξωτερικό. Μακρυά της καταφέρνω να συλλάβω καλύτερα την ουσία της και την αποστολή της στον κόσμο, και συνακόλουθα τη δική μου ταπεινή αποστολή. Κάτι ιδιαίτερο συμβαίνει στους Έλληνες που ζουν στο εξωτερικό. Γίνονται καλύτεροι. Έχουν την περηφάνια της φυλής τους, νιώθουν ότι όντας Έλληνες έχουν την ευθύνη να είναι αντάξιοι των προγόνων τους. H πεποίθησή τους, ότι κατάγονται από τον Πλάτωνα και τον Περικλή, μπορεί ίσως να είναι μια ουτοπία, μια αυθυποβολή χιλιετιών, όμως αυτή η αυθυποβολή, γενόμενη πίστη, ασκεί μια γόνιμη επίδραση στη νεοελληνική ψυχή. Χάρη σ' αυτή την ουτοπία επέζησαν οι Έλληνες. Μετά από τόσους αιώνες εισβολών, σφαγών, λιμών, θα έπρεπε να έχουν εξαφανιστεί. Όμως η ουτοπία, που έγινε πίστη, δεν τους αφήνει να πεθάνουν. H Ελλάδα επιζεί ακόμα, επιζεί νομίζω μέσα από διαδοχικά θαύματα». Sent by bro. Frank Antoniou
4 NEGATIVE INTEREST RATES PROMPTING GLOBAL FX RESERVE SHIFT OUT OF EUROS WED, 8 OCT 12:09:00 GMT BY JAMIE MCGEEVER LONDON, Oct 8 (Reuters) - Negative euro zone interest rates may be forcing central banks to rethink how much of their foreign cash hoards they bank in euros, with a recent drop in euro reserves potentially the start of large-scale rebalancing that could depress the euro further. Central banks cut their euro holdings in the second quarter, in the largest drop in almost two years, according to figures from the International Monetary Fund last week, and analysts estimate their sales at around $40 billion worth when adjusted for exchange rate and valuation effects. That is a sizeable shift and entirely due to emerging market central banks. But it's unlikely to be a oneoff if the driving force is negative interest rates, analysts say. Since the European Central Bank cut the interest rate on deposits at the bank to below zero on June 5, the yield on no less than seven euro zone countries' short-term government bonds has followed suit and turned negative. This means that central banks are literally paying for the privilege of holding some of their eurodenominated assets. At the last count, central banks held an estimated 24 percent of their record $12 trillion reserves in euros, or almost $3 trillion worth. At the peak in 2009, the euro's share of reserves was an estimated 28 percent, although 10 years ago it was broadly where it is now at about 23 percent. That doesn't imply net selling of euros over the past five years. The nominal amount of euros bought for reserves has risen, but the effects of exchange rates, valuation, relative returns and diversification into other currencies has to be taken into account. The drop in the second quarter, however, is unusual given how rare any sustained change in the overall reserve ratios has been and analysts say this indicates the negative interest rate factor may become highly significant. Of the current euro total, almost 1 trillion is invested in assets such as deposits, T-bills and short-dated bonds that are exposed to negative yields, according to Nomura. "Even if just percent of these assets are affected, from a currency perspective we are talking about flows of around billion euros," said Jens Nordvig, global head of currency strategy at Nomura in New York. "This could be the start of a substantial rebalancing of reserves, which would exert sustained negative pressure on the euro," he said. Yields on U.S. bills and short-term bonds plunged towards zero in the wake of the financial crisis, but almost never below, thanks to the pivotal and pre-eminent status of the U.S. currency and rates markets in the global financial system.
5 Central banks typically hold hard cash reserves as a precautionary buffer against sudden currency or balance of payments crises, as well as natural disasters and emergencies. As such, they prioritize holdings in highly liquid and relatively safe assets that can be accessed swiftly at short notice. They are active and influential players in the currency market, but tend to conduct their business gradually and as discreetly as possible so as to minimize market volatility and rarely change models dictating the mix of reserves they hold. Total worldwide reserve holdings now exceed $12 trillion - two thirds held by emerging markets and half of that by China alone - which is up from $11 trillion a year ago and just $2 trillion in Like private sector investors, central banks have seen the return on their deposit and fixed-income holdings dwindle as major central banks have slashed interest rates to virtually zero since 2008 to cushion the blow from the financial crisis. In the euro zone it has gone a step further and authorities are battling against low growth and the threat of outright deflation, and nominal losses are now being baked in. The ECB has launched a series of policies to boost the economy and inflation, but as they have yet to produce results a growing number of analysts expect the ECB will eventually have to undertake asset purchases with new money - so-called quantitative easing. [ID:nL6N0RX19G] "More aggressive easing by the ECB in coming months, potentially including even lower deposit rates, could encourage further diversification and weigh on the euro," said Valentin Marinov, senior currency strategist at Citi in London. Central banks are bound by their mandates to invest in high-quality assets. But the more the yields on these assets turn negative, the pool of these eligible investments shrinks. Countries bearing negative-yielding assets include Germany, France, the Netherlands and Austria, all "core" euro zone countries with high credit ratings that central banks' reserve managers gravitate towards. But central banks want liquidity, as well as credit quality. And outside Germany and possibly France, no euro zone country really offers a satisfactory combination of the two. Some reserve managers might well be inclined to maintain their euro holdings but invest instead in bonds of longer maturities or higher-yielding assets like supranational or agency bonds. This would have no exchange rate effect but could have the net result of depressing long-term interest rates. Others will be inclined to simply reduce their euro holdings. "All central banks have an aversion to locking in negative yields. The question is how aggressive they are in taking action," said Nomura's Nordvig. Sent by John Evdokias.
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