Latest News
-
INSTANT VIEW: Trump's hefty tariffs shock markets and cause S&P futures to fall
U.S. president Donald Trump escalated the trade war by announcing on Wednesday that he would impose tariffs in return for duties imposed by other countries on U.S. products. Trump told an audience in the White House Rose Garden that "it's our declaration" of independence. "We will set a minimum base tariff of 10%." The rates for China will be 34% while those for the European Union, Japan and Canada would be 20% and 24% respectively. S&P futures reversed their gains and fell by 1.6%, indicating that investors are expecting a steep drop when Wall Street opens Thursday. Nasdaq Futures, which reflect tech companies like Apple, Nvidia, and Microsoft, fell 2.3% on Thursday after earlier gaining. COMMENTS: JOHN HARDY CHIEF MACRO STRATEGIST SAXO BANK COPENHAGEN: I was surprised at how negative or heavy these tariffs are. This will lead to a lot of tit for tat negotiations. What concessions can the U.S. make to lower these tariffs, what leverage they use to convince other countries to reduce these levels, be it defense concerns in Europe or Japan. China, I suspect, sticks. The Chinese response may be interesting." The market's reaction is expected to be negative. Treasuries are a safe-haven trade, particularly at the low end of the yield spectrum. Even longer-term Treasuries may do well. "If Republicans continue to hammer on about tax reductions, I wonder whether (longer-term Treasuries are a good investment). For now, the direction seems clear. "Gold, especially short-dated U.S. Treasury bonds, is the best option for parking your money. You can also use a wildcard for long-term investments." WALTER TODD CHIEF INVESTOR, GREENWOOD CAPITAL GREENWOOD SOUTH CAROLINA WALTER: "We only have one side to the story, and that's what we do. The other side is how other countries react to what we do. This is a major factor in how the market will ultimately respond to what's being said. The other part of the puzzle is how individual countries or groups of countries react to what's being said...depending on the actions of other countries, I still feel that the market is looking to use the 5,500 level of the S&P 500 as a springboard. JASON BRITTON CHIEF INVESTMENT OFFICER REFLECTION ASSET MANAGEMENT CHARLESTON SOUTH CAROLINA 'I see this as a net positive. These tariff levels are a good starting point for future negotiations. Mexico and Canada remain exempted from any further tariffs. I believe the market will calm down, parse out the details and see that it is at best a mixed bag. "I am looking at the large technology companies who have huge piles of cash. If this retreat is going to pinch them, I am a buyer at a weakness. "It's the market that's overreacting and I'm happy to take full advantage." JOHN LUKE TYNER, APTUS CAPITAL ANALYST FAIRHOPE ALABAMA, "From here on, I imagine that it will be a back-and-forth negotiation with many of these nations." From Trump's and many other people's perspectives, it is unfair to allow more free trade while other countries are pillaging us. What it has set in stone for me is that these tariffs are not temporary, they look like they are here to stay. The White House, and their staff who make these decisions behind closed door are fully aware of the policies they're putting into place. At least the rhetoric created a slowdown both in consumer spending and corporate spending. It has created a bad feeling about the future which is slowing down things. "You've seen a slowdown in capital projects and CEOs' comments on the markets and economy." "We are 120 percent or more in debt relative to our GDP." You can't kill the market and squash the economy at the same time. In many ways, the market is the economic system. So, the biggest risk is that, if the economy is messed up, even in the short-term, where does the debt to GDP ratio go? "What happens to fiscal deficits if there is a 10% or 5% decline in GDP and other economic indicators? That's when things get really scary." CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, NORTHLIGHT ASSET MANAGEMENT, CHARLOTTE, N.C. "At the beginning of the press conference, the President stated that tariffs would begin with a baseline of 10% across the board. Futures rallied because it was better than expected. "But once he started to give examples that were higher than 10% and he began giving specifics, the futures went negative as it was worse than anticipated." In the short term, tariffs will increase costs and decrease corporate profits. "If we have a reshaping the economy, markets will have different judgments but the immediate knee-jerk response is to initial price increases." Peter Cardillo, Chief Market Economist, Spartan Capital Securities, New York "We'll have to wait to see if the trade war ends in the way that the administration wants it to...It now depends on our trading partner." Will they negotiate with us or will they retaliate? The markets are under intense pressure, and one could say that they have reached an oversold state. "I think the markets will rally." FREDERIQUE CARRIIER, DIRECTOR OF INVESTMENT STRATEGY, RBC WEALTH MANAGERMENT "Europe is going to be subjected a steep reciprocal tariff, around 20%. This is at the higher end of what market participants had feared." "The calculation includes the sales tax (VAT), a tax that is levied on domestic and foreign products, and does not discriminate between US products. The VAT is a major source of revenue for governments in Europe, so member states are limited in their flexibility. Profit taking on the European equity market could continue tomorrow." The impact of tariffs is not likely to be as painful on European economies, despite the fact that they are unhelpful for economic growth. This is because Europe doesn't trade with the US enough. "We expect swift retaliation from the EU." The EU had announced targeted tariffs against the U.S. but they were not implemented. "We would expect that they be implemented in a short time."
-
Wall Street's reaction to Trump's reciprocal Tariffs
Donald Trump announced on Wednesday that he will impose a baseline 10% tariff on all imports into the United States, and higher duties for some of the biggest trading partners. This could lead to a trade conflict and upset the global economy. Countermeasures from trading partners could result in a dramatic increase in prices of everything, including bicycles and wine. SETH GOLDSTEIN MORNINGSTAR ANALYST FOR U.S. SETH GOLDSTEIN, MORNINGSTAR ANALYST ON U.S. "I expect lower volumes due to tariffs." Tariffs are likely to be passed on to the consumer in order to increase prices of products. "I expect that consumers will buy less goods." Due to the high fixed costs of chemical production, lower volume would have a large impact on profits. We could also see another year with declining profits if tariffs are widely implemented. Many chemical producers manufacture their products in the U.S. for domestic sales, so there is less direct impact. BRIAN JACOBSEN IS THE CHIEF ECONOMIST AT ANNEX FINANCIAL MANAGEMENT It could have been worse. It is hoped that framing tariffs as reciprocal will encourage officials to negotiate rather than retaliate." "There is still a price to pay, and this cost comes in the form of either higher prices for consumers or lower profits. Investors are not going to be happy with either option. It's understandable that the market is reacting this way, as it now depends on how long tariffs will remain in place. DAVID FRANCES, EXECUTIVE V.P. OF GOVERNMENT RELATIONS AT THE NATIONAL RELATIONS FEDERATION "More Tariffs = More Anxiety and Uncertainty for American Businesses and Consumers. Tariffs represent a tax that is paid by U.S. importers and passed on to the final consumer. No foreign country or supplier will pay tariffs. "We encourage President Trump, to hold trading partners responsible and restore fairness to American businesses without creating uncertainty or higher prices for American consumers." ART WHEATON DIRECTOR, ILR SCHOOL CORNELL UNIVERSITY, LABOR STUDIES It will take years and billions to bring new manufacturing jobs online. However, expansions in existing factories can happen much faster. Companies prioritize stability. Frequent policy changes can slow down investment decisions, as businesses wait to see clearer long-term signals. MICHAEL ASHLEY SCHULMAN IS A PARTNER AT RUNNINGPOINT CAPITAL ADVISORS AND THE CIO. "Trump may be trying not only to bring manufacturing back to the U.S. but also to increase the economic instability of China by causing them to lose their manufacturing. Tariffs of 34% on Chinese products could force Chinese manufacturers to shut down, increasing social unrest and unemployment in China. If these tariffs are imposed, they will have a significant impact on the PC, server, and semiconductor manufacturers. Investors, analysts and politicians will all be watching with bated breathe to see what happens after this 'Liberation Day volley' from the administration. The announcement today is likely to be a worst-case scenario. Hopefully, any negotiations will lead to improvements. Reporting by Juby B. Babu, Vallari Srivastava and Neil Kanatt in Mexico City, and Mrinalika R. Roy, Shivansh T. Tiwary, and Mrinalika K. Roy, in Bengaluru. Editing by S. Ghosh, Shounak Dasgupta, and Sayantani D.
-
Gold prices continue to rise after Trump announces tariff plans
Gold prices continued to rise on Wednesday, hovering near their all-time-highs. This was boosted by the inflows of safe-haven assets after U.S. president Donald Trump announced reciprocal tariffs which would escalate a global trade war. At 2053 GMT, spot gold was trading at $3129.46 per ounce. This is a 0.6% increase. U.S. Gold Futures closed 0.6% higher at 3,166.20. Tai Wong is an independent metals dealer. He said that the reciprocal tariffs were more aggressive than anticipated, and should result in asset market salesoffs as well as a lower dollar. Gold's prospects here are excellent, with $3.200 as the new target for short-term. He added that there are many unanswered issues and that the markets will be volatile in the near term due to the fact that they may be able to negotiate. Trump announced on Wednesday that, upon his return to office in the White House, he will impose a baseline 10% tariff on all imports into the United States. He also plans to increase duties on the biggest trading partners of the United States. This move intensifies the trade war he started. Trump displayed a poster listing reciprocal tariffs including 34% for China and 20% for the European Union as a reaction to duties placed on U.S. products. Gold, which is often used to store value in times of political or financial uncertainty, has increased by more than $500 this year and reached a record high of $3,148.88 Tuesday. A break of resistance at $3147.41/$3,149.84 could be a positive sign for the push towards $3200 and give confidence to bullish forecasts that include $3300 and $3500," said Peter Grant. Gold prices fell by 0.4% after Trump's tariff announcement. The ADP National Employment Report released on Wednesday revealed that private payrolls in the United States grew at a faster pace in March. Friday will bring the biggest data of this week, with the release the U.S. monthly employment report. Silver spot rose 0.7% per ounce to $33.99, platinum increased 0.7% at $986.18, and palladium fell 0.8% to $875.93.
-
Investors' reaction to Trump tariff announcement
U.S. president Donald Trump escalated the trade war by announcing on Wednesday that he would impose tariffs in return for duties imposed by other countries on U.S. products. Trump told an audience in the White House Rose Garden that "it's our declaration" of independence. "We will set a minimum base tariff of 10%." The rates for China will be 34% while those for the European Union, Japan and Canada would be 20% and 24% respectively. S&P futures reversed their gains and fell by 1.7%, indicating that investors are expecting a steep drop when Wall Street opens Thursday. Nasdaq Futures, which reflect tech companies like Apple, Nvidia, and Microsoft, fell 2.4% on Thursday after earlier gaining. COMMENTS: CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, NORTHLIGHT ASSET MANAGEMENT, CHARLOTTE, N.C. "When the first press conference began, the President announced that tariffs would begin with a baseline of 10% across the board. Futures rallied because it was better than expected. "But once he started to give examples that were higher than 10% and started giving specifics, the futures went negative as it was worse than anticipated." In the short term, tariffs will increase costs and decrease corporate profits. "If we have a reshaping the economy, markets will have different judgments but the immediate knee-jerk response is to initial price increases." Peter Cardillo, Chief Market Economist, Spartan Capital Securities, New York "The tariffs seem a bit high." "We will have to wait to see if the trade war ends in the way that the administration wants it to. It depends on our trading partner now." Will they negotiate with us or will they retaliate? The markets are under severe pressure, and one could say that they have reached an oversold state. "I think the markets will rally." FREDERIQUE CARRIIER, HEAD of INVESTMENT STRATEGY, RBC Wealth Management "Europe will face steep reciprocal tariffs, up to 20%. This is at the higher end of what market participants had feared." "The calculation includes the sales tax (VAT), a tax that is levied on domestic and foreign products, and does not discriminate between US products. The VAT is a major source of revenue for governments in Europe, so member states are limited in their flexibility. Profit taking on the European equity market could continue tomorrow." The impact of tariffs is not likely to be as painful on European economies, despite the fact that they are unhelpful for economic growth. This is because Europe doesn't trade with the US enough. "We expect swift retaliation from the EU." The EU had imposed specific tariffs against the U.S. but put off their implementation. "We would expect that they be implemented in a short time."
-
Trump announces new tariffs at White House ceremony
On Wednesday, U.S. president Donald Trump attended a ceremony at the White House Rose Garden to celebrate "Liberation Day". He is expected announce tariffs which could lead to a trade conflict and disrupt the global economy. Trump has been keeping the world in suspense about the details of his new tariffs. This is expected to lead trading partners to take countermeasures. He said that he would impose reciprocal duties to match U.S. tariffs with those charged by other countries. However, he has not specified how high these levels would be and which countries would take the brunt of it. Financial markets and businesses that rely on trade agreements in place since 1947 have been shaken by the uncertainty. The new tariffs will be implemented immediately after Trump's announcement, even though the administration hasn't yet published an official notification as required. The administration did, however, publish an official notification that a different set of tariffs for auto imports, which Trump announced last Thursday, will go into effect on April 3. Trump has already imposed duties of 20% on all imports coming from China, and 25% on steel and aluminium. He also extended these duties to downstream products worth nearly $150 billion. The 25% tariff on the majority of Canadian and Mexican products has been delayed to press them into cracking down on illegal immigration and drug trafficking. However, it is set to expire Wednesday. Administration officials claim that Trump's tariffs are a continuation of previous rates. His advisors claim that the tariffs would return strategic manufacturing capabilities to the United States. The warnings of outside economists that tariffs may slow down the global economy and raise the risk for recession have led to the increase of living costs by thousands of dollars for the average American family. Businesses complain that Trump's threats have made it hard to plan their operations. Doug Ford, Premier of Ontario in Canada, told CNBC that "this is the most ridiculous things I've ever seen." Business leaders across sectors - from luxury goods to ocean freight shipping - waited to find out what was going to happen. The fear of tariffs has already affected manufacturing across the world, but also boosted sales for autos and imported goods as consumers rush to buy before prices increase. The uncertainty surrounding duties is impacting consumer, investor and business confidence. On Wednesday, global stocks fell while gold, a safe haven asset, held close to record highs. U.S. stock prices have lost nearly $5 trillion in value since February.
-
US equity markets gain as dollar weakens and gold increases amid tariff news
U.S. stocks were higher Wednesday, compared to Europe's losses. Gold was in high demand as investors awaited the details of U.S. president Donald Trump's plans for tariffs and worried about escalating global trade war. Investors focused on Wednesday on the reciprocal levies that the White House will announce following the close of the U.S. Stock Market, on what Trump calls "Liberation Day." Trump is expected add new tariffs to the already existing levies on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled the markets, with fears growing that a full-blown global trade war could cause a sharp economic slowdown. The head of the European Central Bank, Christine Lagarde, said that on Wednesday, the tariffs would be detrimental to the entire world. This will depend on the extent, duration and success of the negotiations. The survey on Wednesday of the private sector in the United States showed that the number of employees was up by 155,000, compared to the forecast of an increase of only 115,000. Wall Street indexes gained momentum as the session continued, even though stock futures didn't rally immediately following the release. Anthony Saglimbene is the chief market strategist for Ameriprise. He attributed the gains to "a combination oversold technical conditions and some good private payrolls this morning", with the hope of more clarity regarding the tariff environment. He said that the news would not likely bring any real relief. We're likely to experience volatility in the near future. He said that stocks are likely to fluctuate between higher and lower. I don't think we'll get the clarity that the market hopes for tonight with the tariff announcement. The tariff situation will only get more complicated with what they announced today. He said that the tariffs would be targeted at more countries and potentially more products. At 2:50 pm EDT on Wall Street, the Dow Jones Industrial Average gained 129.69, or 0.31 percent, to 42122.32. The S&P 500 rose by 19.75, or 0.36 percent, to 5,653.30. And the Nasdaq Composite climbed by 89.76, or 0.53% to 17,541.36. The MSCI index of global stocks rose by 2.08 points or 0.25 percent to 834.23. The pan-European STOXX 600 closed earlier down 0.5%. The U.S. Dollar fell against other currencies such as the Euro and Sterling, and the Japanese yen, a safe-haven currency, fell, as traders waited for news that might upset global trade or shake financial markets. The euro rose 0.58% to $1.0856, while sterling gained 0.46% at $1.2979. The dollar gained 0.27% against the Japanese yen to reach 150.01. Investors shifted their attention to the announcement of tariffs, while Treasuries yields reversed after data on manufacturing and employment. The yield on the benchmark 10-year U.S. notes increased 5.3 basis point to 4.209%, from 4.156% Tuesday. Meanwhile, the 30-year bond rate rose 4.6 basis to 4.5611%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve rose by 5.5 basis points, to 3.918% from 3.863%. Robert Tipp, Chief Investment Strategist and Head of Global Bonds at PGIM Fixed income in Newark, New Jersey, said: "They may be a bit overbought right now." Gold, which is seen as a safe-haven during times of political and financial stress, has climbed to its intraday record high. Gold prices have risen by 19% this year, after a 27% increase in 2024. Gold spot rose by 0.36% on Wednesday to $3,121.61 per ounce. U.S. Gold Futures increased 0.55% to an ounce of $3,136.00. Oil prices on energy markets rose as investors awaited the tariff announcement, which could increase the uncertainty regarding the demand outlook. U.S. crude oil futures rose 0.72%, or 51 cents per barrel. Brent crude settled at $74.95 a barrel, up by 0.62% (46 cents) on the day. (Reporting from Sinead carew in New York, and Amanda Cooper, in London. Additional reporting from Chuck Mikolajczak, in New York, and Ankur Banerjee, in Singapore. Editing by Shri Navaratnam and Tomaszjanowski, Alex Richardson, and Matthew Lewis.
-
Trump confirms that auto tariffs will begin on Thursday, May 3, and auto parts on Friday, May 4.
The administration of U.S. president Donald Trump confirmed on Wednesday that the 25% tariffs on global cars and trucks will go into effect on Thursday as planned and that duties on imports of automotive parts will begin on May 3. In a Federal Register announcement that added details to Trump's proclamation on auto tariffs issued last week the White House instructed the Commerce Department within 90 days to set up a process for adding more parts, including those requested by domestic producers. According to the Federal Register, the 25% auto tariffs will take effect on Thursday at 12:01 am EDT. The 25% tariffs for auto parts are set to take place on May 3 at 12:01 am EDT. The list of parts currently contains dozens tariff codes, including engines, transmissions powertrains, and electrical components. However, domestic producers can request to be added to the list. The notice stated that importers could pay 25% duty only on the non-U.S. portion of their order for vehicles which qualify under the U.S. Mexico Canada Agreement's rules of Origin. Reporting by Doina chiacu in Washington and David Lawder Editing by Matthew Lewis
-
Trump announces auto tariffs ahead of the 'Liberation Day Trade Announcement'
As President Barack Obama announced on Wednesday, the U.S. Government will impose a 25% duty on imports of automobiles and auto parts on April 3, as well as a similar tariff on auto components a month after. Donald Trump Prepare to Announce Further trade barriers This could lead to a global trade war, and even cause the economy to collapse. Trump's "Liberation Day announcement" is expected to undo existing trade agreements that date back to 1947, and will lead to countermeasures by close U.S. ally countries. Trump has been keeping the world guessing about the details of the White House Rose Garden ceremony, scheduled to take place at 4 p.m. Eastern Time (2000 GMT). Persons familiar with the deliberations of the administration said that the tariffs would be substantial and affect a large number of countries including close allies. One source claimed that Trump could remove the exemption of $800 for "de minimis" shipments to China. The new tariffs will be implemented immediately after Trump's announcement, even though the administration hasn't yet published an official notification as required. The administration did, however, publish an official notification that a separate tariff set on auto imports What Trump announced last Thursday will come into effect. "IT'S LIBERATION Day in America!" Trump posted a message on his social media platform. Trump, who called tariffs the "most beautiful words in the dictionary," said that his plans for reciprocity would equalize U.S. tariffs with those charged by other countries at higher rates and counter their non-tariff obstacles which he claims disadvantage U.S. Exports. Peter Navarro, Trump's adviser on trade, said that the auto tariffs will return strategic manufacturing capabilities to the United States. "This isn't protectionism. He wrote, "It's restoration", in USA Today. Doug Ford, Premier of Ontario in Canada, said that he wasn't sure if Trump officials understood U.S. Auto Industry supply chain system which is closely linked to other countries. He said, "This is the ridiculous thing I've ever seen" on CNBC. The warnings of outside economists that tariffs may slow down the global economy and raise the risk for recession have led to the increase of living costs by thousands of dollars for the average American family. Businesses complain that Trump's threats have made it hard to plan their operations. Steve Sosnick is the chief strategist of Interactive Brokers. He said, "I have never seen a situation with stakes this high but the outcome so unpredictable." The devil will be in the detail and nobody knows what the details are. Business leaders across sectors, including automobiles, ocean freight shipping, luxury products, and more, waited to find out what was going to happen. Peter Sand, the chief analyst of freight pricing platform Xeneta, said: "You can't make important decisions about your supply chain if the rules keep changing." France was expecting a "pretty strong" hit, which could result in tariffs between 20-25%. STACKING THE TARIFFS In less than 10 weeks after taking office, Trump imposed new duties of 20% on all imports coming from China, and restored the 25% duty on steel and aluminium, which now extends to downstream products worth nearly $150 billion. The administration announced on Wednesday that this would include all beer imports and empty aluminum cans. On Wednesday, the one-month reprieve from 25% tariffs on most Canadian and Mexican products is set to expire. Officials in the Trump administration have stated that Trump's tariffs are stacked on top of previous rates. For example, a Mexican car that was previously subject to a 2.5% tariff to enter the U.S., would now be subject to the fentanyl and auto sectoral tariffs for a total tariff rate of 52.5% -- plus any reciprocal duty Trump may impose against Mexican goods. The uncertainty surrounding duties is impacting consumer, investor and business confidence. On Wednesday, global stocks fell while gold, a safe haven asset, held near record levels. Since February, U.S. stock prices have lost nearly $5 trillion in value. Dollar and other currencies remained in tight ranges as traders awaited the details of Trump's plan. The fear of tariffs has already affected manufacturing across the world, and also boosted sales of imported autos and products. RETALIATORY MEASURES A number of trading partners, including Australia, Europe, Canada, and Mexico, have pledged to respond to the US with retaliatory duties and countermeasures. Some have even sought to negotiate directly with the White House. Trump has claimed that American workers, manufacturers and businesses have suffered for decades from free-trade agreements that have lowered global barriers and increased the U.S. market of imported goods by $3 trillion. This led to a goods deficit exceeding $1.2 trillion. According to the Yale University Budget Lab, a 20% additional tariff would cost an average U.S. family at least $3400.
Sunken town emerges in Greece as dry spell dries up lake
From underneath the shrinking Lake Mornos in main Greece, the muddied remains of homes are reemerging almost 45 years considering that the town that when stood here disappeared underwater.
After a winter season of hardly any snow, a summer season of penalizing heatwaves and months of little rain and drought throughout much of Greece, the huge manufactured lake which provides water for almost half the Greek population has decreased to its lowest level in decades.
Day by day, the water decreases, said Dimitris Giannopoulos, mayor of the broader Dorida town, who said nothing comparable had been seen for 33 years.
Long stretches of broken soil surround the ruins of the lost village of Kallio, which was flooded in 1980 to create a. lake to meet the ever-increasing water needs of the capital,. some 200 km away. Bricks lie amongst mounds of seashells.
Greece's arid Mediterranean climate has made it especially. vulnerable to the effects of worldwide warming, which has gotten worse. summer wildfires including blazes that reached the outskirts of. Athens last month. Researchers state severe weather condition connected to. climate change is now driving the decline of the lake.
It is an alarm bell, said Efthymis Lekkas, teacher of. disaster management at the University of Athens.
We don't understand what will happen in the coming period. If we. have a rainless winter season, things will get tough.
Giannopoulos gestures towards Mount Giona towering over the. lake, which utilized to be snow-capped however saw none last winter,. Greece's hottest on record. On the lake's declining rim, trees. have handled a yellowish hue.
They do not have water. This has never occurred before, he stated.
Wells in the location are drying up and surrounding villages,. which do not take water from the lake, suffered water cuts this. summer season, he stated. A local firefighter chief stated the danger of. wildfires loomed as the forests became drier.
The lake's area has avoided around 16.8 square. km in August 2022 to just 12.0 square km this year, according to. satellite images released by Greece's National Observatory.
Water reserves there and at the 3 other tanks. supplying Attica, a region of around 4 million people which. consists of Athens, had dropped to 700 million cubic metres in. August below 1.2 billion cubic metres in 2022, the. environment ministry said.
The state-run Athens public utility EYDAP had actually begun providing. the network with additional sources of water, it said.
Previous homeowners of Kallio were amazed to see the village. once again, however distressed at its state.
I utilized to see it complete and state it was a beach. Now all you. see is dryness, stated 90-year-old Konstantinos Gerodimos.
His 77-year-old wife Maria chimes in: If it continues like. this, the whole town will appear, all the method to the bottom,. where the church and our home was..
(source: Reuters)