A decade after one of the post-World War II institutions for improving the world fell into disarray as the Serbs slaughtered Bosnian Muslim men and boys who were being protected by Blue Berets in Sebrenica, another post-war outfit nearly suffered the same fate.

The European Union managed to hack out a deal for Greek debt at the weekend, keeping Athens in the euro and Europe, after both sides played chicken (or Russian roulette) during the negotiations.

So they can still get cheers if they play Beethoven's 9^th Symphony in Greece, the country where the very name Europe was invented. The Blue Berets' failure to protect Bosniaks in the worst ethnic cleansing since WW II in Europe, opened the way to copycats in places like Ukraine, Sudan, the northeast of Nigeria,

The Syriza government cannot pass the required guarantees to get the large check from European institutions this week without support from parties of the center and right, particularly since many of its own most left-wing parliamentarians oppose the 11^th hour deal made with the EU and the ECB.

A Greek coalition is actually a potential bonus for my Three O's program for combining reform and investment to enable the country to recover and rebuild its banking system and economy.

O number 1 is oligarchs, the successful Greek billionaires operating shipping fleets and foreign companies making huge profits in unexpected businesses. The Greek presence is visible in everying from bottling soda in eastern Europe to selling cars and parts in Africa. Out of their homeland, entrepreneurial Greeks (who may not have kept their Greek citizenship) are a great potential source of funding and example. They need to be lured into a program to help their homeland.

The second O is the Orthodox Church, to which well over 90% of Greeks living in either their homeland or abroad belong. The Greek Orthodox religion developed separately from Catholicism after an early split, and it has been garnering donations and endowments for more than a millennium. So the Greek Orthodox Church is extremely wealthy, and since priests may marry, it has not had to pay fines for child molestation like the Roman Catholic one. Yet rather than helping their parishioners during the huge financial crisis, the money-laden church has been absent, one reason the leftists could win the election. The 28% unemployment rate as growth collapsed over the past 5 years should have led Greek Popes (every Greek Orthodox priest is a Pope) to prefigure the social agenda adopted by the Catholic Pope Francis since his ascension. Rather than being associated with welfare help, the Orthodox Church is associated with real estate scandals and scams. The Greek Orthodox Church also needs to be mobilized for the good of its adherents and its hierarchy.

A third O is Greeks overseas, sometimes many generations from their Hellenic roots, but still usually faithful to their ancestral religion. A bit like Jewish children who have to go to Hebrew School, Greek children learn the ancient Greek prayers and rituals and study church Greek after school. One reason Greeks continue to be Greek Orthodox so long is its glorious and moving services. The other is that Greek Orthodox spouses can marry either Catholics or Protestants without converting. Think of Prince Philip who married the Queen of England, or Queen Sofia who wed the King of Spain.

Daphne is a business acquaintance of Hellenic ancestry whose father was Irish Catholic, whose first child was half Puerto Rican, and whose second half African-American. (Greeks allow divorce.) Both children got religious instruction at the Astoria Greek Orthodox Church in Queens, and were later married there in Greek rites, despite being only 25% Greek to begin with. New York has flourishing 2^nd and 3^rd generation Greek business people and professionals. Greek-Americans run the ubiquitous NYC greasy spoon diners and telecom dealerships, supermarkets and internet service stores, construction and law firms, manufacturers of fur coats or garments. I believe the same applies to Sydney, Australia.

There are financial experts among the American O's. Paul Sarbanes who drafted the law and regulations to protect shareholders from management fraud was a Maryland senator of Greek ancestry. The best-known and best-paid US bank CEO, Jamie Dimon of JP Morgan Chase is of Greek heritage. My former broker at e-trade, Dino Pappas, who left when it stopped offering global trading, was Greek. A leading promoter of closed-end funds, an investment vehicle I am fond of, Nicolas Bornozis, is Greek.

The time has come to make it possible for the 3 O's, especially those in the diaspora, to help their ancestral homeland.

If Citi (C) can be called in to restructure the Dubai Drydocks debt surely JP Morgan Chase (JPM) can help the Hellenes by managing the euros 50 bn trust fund. Greece must create privatizations under the 3^rd bailout accord from Sunday. It could encourage confidence both among Greeks and among the providers of funds that the sale of unneeded state assets will be done without corruption, by an internationally trusted overseer of the capitalist persuasion. Step up, Jamie Dimon!

Shanghai was up on Monday mainly because its exports have risen for the first time in 4 months, by 2.8%. Yet imports fell 6.1% meaning the Chinese economy is still not on a growth track. GNP figures are expected later this week but are less reliable than trade numbers. Yet the China stocks and the Greek deal have boosted euro-land stocks—but the euro now is down against our dollar.

*Back to China. The country has lost any claim to making its stocks or currency global after the measures Beijing took last week to blatantly support stock prices. And in classic Chicom fashion, they are now looking for scapegoats, a “gang of 4”. They can hardly seek “capitalist roaders”. The gang of however many plotted to short sell stocks or pull margin loans to create a stock market crisis, according to Chinese authorities.

China also separately arrested several civil liberties lawyers for undermining national security.

Oil Patch News

*Because I cannot buy Barron's in Portugal, I rely on Carl Surran, editor of seekingalpha.com for this week's news: He writes: “The two newsletter writers with the best track record of predicting oil market moves say the bottom is near, and crude prices should rise significantly in the next few years, Mark Hulbert reports in Barron's.

“Jim Stack of InvesTech Research thinks global oversupply will lessen in coming months, as U.S. drilling rig counts are down by more than half since late last year; technically, he is impressed with oil’s successful retest in March of its January low, and says the outlook will improve even more if oil remains above its March lows through August.

“Kelley Wright of Investment Quality Trends believes that, [for] blue-chip companies with strong financials, the dividend yield is a reliable guide to over- and under-valuation; among blue-chip energy stocks he says are undervalued since their yields now trade near the high end of their historical ranges is Schlumberger”, (SLB).

*BP plc (BP) will not be among the bidders in the first post-1921 round of bidding for Mexican offshore exploration tracts this Weds. It is waiting to bid on concessions for foreign majors in deeper waters during later rounds to gain exposure to areas near is existing Great White field in US waters of the Gulf of Mexico. Another reason for delay may be that the final bill for the Deepwater Horizon blow-out is still unknown despite a settlement with the US govt for $18.7 bn last week. There may be another $2 bn to pay to businesses for losses they suffered from the 2010 disaster under 60,000 remaining cases. BP has had only partial success in getting US courts to turn down claims for exaggeration or fraud to date.

*The still continuing 6-power talks with Iran mean oil prices were fluctuating wildly earlier this week.

*The possible breakthrough in extracting ethanol from steel making plant waste carbon monoxide has yet to be tested on an industrial scale by Arcelor-Mittal and Australian small cap Lanza Tech at a 47,000 metric tonne/yr plant in Ghent (Belgium) under construction now. But a possible beneficiary of the process which uses bacteria from the rabbit microbiome to produce ethylene to mix with gasoline would be Abengoa (ABGB) of Spain which could take the promising technology global and into other sectors besides steel.

*Losers if its works (and pays off) would include Cosan (CZZ), the Brazilian maker of ethylene from bagasse (sugar cane waste) and eventually US corn farmers who are using foodstuff to uneconomically make energy.

Drug Shares

*Among the pharma firms likely to gain from a new blockbuster, according to Andrew Ward, pharma reporter of The Financial Times, is Swiss Novartis (NVS), with its Entresto against heart failure, the biggest people killer disease. The NVS drug was cited as the first major new patent breakthrough in his article on Monday. It is expected to sell $3.7 bn in doses by 2017. What makes the prospect even more attractive to shareholders is that NVS accepts that it will be paid a modest fee for the initial treatment and then get paid by results: Lower rates of hospitalization and death from future heart failure in treated patients. It can do this because the results in phase III trials were 20% better than those with the existing standard hearth failure treatment.

*Teva Pharma (TEVA) risks losing some of its tax exemptions in the current Israeli debate over the new budget from the Netanyahu coalition. Haredi (ultra-religious) parties are furious at losing some of their welfare money because the govt wants to encourage their menfolk to go to work (and perhaps use birth control.) So Teva, which makes a version of the pill, is a target for the Shas and Agudath Israel parties. But TEVA is also being harassed by the left-wing cabinet members who claim that the Israel drug giant is not producing enough exports or employment to justify its considerable tax exemptions.

*Gainers in London last week included GlaxoSmithKline (GSK).

Other Sectors

*Other gainers in London included Imperial Tobacco (ITYBY), up 5.7% over the week; Reckitt Benckiser (RBGLY), up 5%.

*Losers include the common of Royal Bank of Scotland (RBS). We own its preferreds and those of Nat West, its sub. Not the common.

*Citibank analysts think that iron ore miners are a buy, including Brazil's Vale (VALE).

*Banco Santander (SAN) is up 2.5% in trading across the border from where I am, in a relief rally over the Greek settlement. This may reflect a new Keefe Bruyette & Woods Q-listed ETF's launch, Globally Systematically Important Banking ETF, GBKX. Since it includes too many Chinese banks for my taste, I would rather just buy SAN.

*Renishaw plc (RNSHF), which we own as a proxy for Apple (its high tech measurement tools are needed to make the Applewatch), is highly illiquid and fell last week by nearly 8% in London. RNSHF might gain from making its ADR more liquid and visible, in my opinion.