Tsipras has already pledged to repay in full Greece's obligations to the International Monetary Fund and the European Central Bank. He's also said ...
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| READ THE ORIGINAL POST AT www.bloomberg.com |
How the world sees Greece
Monday, February 2, 2015
Greece Seeks Third Debt Restructuring: Who's on the Hook?
ECB's Noyer Says Greece Can Reduce Debt Ratio with Economic Growth
PARIS—Greece can quickly reduce its public debt ratio by boosting economic growth, European Central Bank policy maker Christian Noyer said ...
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| READ THE ORIGINAL POST AT www.wsj.com |
Merkel-Tsipras meeting awaits date, venue
Greece’s new radical left leader has already fixed meetings with Matteo Renzi and Francois Hollande
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| READ THE ORIGINAL POST AT en.protothema.gr |
Spain feels nervous ripples over Greece
Political uncertainty accompanies the Podemos anti-austerity campaign
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| READ THE ORIGINAL POST AT www.ft.com |
Varoufakis briefs ‘big capital’ in the City
Reuters claims Varoufakis will tell major international investors and bankers that Greece will be able to settle its debts
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| READ THE ORIGINAL POST AT en.protothema.gr |
Greece outlines debt 'menu' in bid to win over skeptical euro zone
LONDON/NICOSIA (Reuters) - Greece's new government has proposed ending a standoff with its international creditors by swapping its outstanding debt for new growth-linked bonds, Finance Minister Yanis Varoufakis was quoted as saying on Monday.
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| READ THE ORIGINAL POST AT feeds.reuters.com |
Stocks rally on oil, Greek deal hopes
NEW YORK (Reuters) - U.S. stocks rose sharply on Monday, as hopes for a deal regarding Greek debt fueled a late rally, with a bounce in oil prices also lending support.
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| READ THE ORIGINAL POST AT feeds.reuters.com |
Meet Greece’s New Finance Minster Touring Europe’s Ministries in a Leather Jacket
Yanis Varoufakis is trying to gather support for his plan to reduce Greek debt repayments
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| READ THE ORIGINAL POST AT time.com |
George Osborne’s appeal to Greece: act responsibly
The struggle between Greece and the eurozone is fast becoming the biggest risk to the global economy, George Osborne has warned.
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| READ THE ORIGINAL POST AT www.independent.co.uk |
UPDATE 1-Greek finance minister proposes swapping outstanding debt for growth-linked bonds
... indexed to nominal economic growth and one he called "perpetual bonds" to replace European Central Bank-owned Greek bonds, the FT reported.
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| READ THE ORIGINAL POST AT www.reuters.com |
Greek Debt-Writedown Demands Faces Euro-Area Disdain: Overview
(Bloomberg) -- Euro-area governments have treated Greek Prime Minister Alexis Tsipras's demand for a debt write down with disdain. Find an ...
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| READ THE ORIGINAL POST AT www.bloomberg.com |
More Greeks Approve of Russia's Leadership Than EU's
Representatives of the Syriza party, including new Prime Minister Alexis Tsipras, appear friendlier toward Russia's leadership, as are Greeks in ...
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| READ THE ORIGINAL POST AT www.gallup.com |
Fairfax optimistic about prospects of Eurobank and Greece
Fairfax Chief Executive Prem Watsa, in an interview with Reuters on Monday, said he met personally with the deputy prime minister in Greece's new ...
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| READ THE ORIGINAL POST AT www.reuters.com |
Spain and Italy weigh on European indexes amid nerves over Greece
In its first week in office, Greece's new government has made clear it wants to end its existing funding arrangement with the European Union, ...
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| READ THE ORIGINAL POST AT www.reuters.com |
Greece: Turkey Must Respect Cyprus' Right to Search for Gas
Cyprus was split in 1974 when Turkey invaded after a coup aiming for union with Greece. Turkey doesn't recognize Cyprus as a state and says it won't ...
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| READ THE ORIGINAL POST AT abcnews.go.com |
Will Greece's New Government Be a Western Mouthpiece for Putin?
ATHENS -- The recent election win by Greece's far-left Syriza party has focused attention on the economic consequences of its policies for the Eurozone. What has been overlooked is the effect this victory may have on the foreign policy of the EU countries as well as on NATO. That this latter aspect would come to predominate developments was made abundantly clear as soon as the new government was formed. In one of its first acts, the new Syriza-led government broke ranks on foreign policy and protested the EU's condemnation of recent Russian-backed military offensives in Ukraine and the call for further sanctions on Russia. The government of Prime Minister Alexis Tsipras complained that it hadn't been consulted. According to a government statement, the EU announcement violated "proper procedure" by not first securing Greece's agreement. Syriza's pro-Kremlin stance reflects a deep conviction within the party that Greece has much to gain from closer ties to Vladimir Putin's Russia. Some sections of the party believe that Russia can be a bargaining chip to be used in negotiations with Western creditors over the debt issue. For others, Russophilia reflects a kind of nostalgia for the communist days of old. For the majority, however, the attraction to Putin's Russia is a part of the anti-Western and anti-American narrative, which for many years has dominated the worldview not only of the left but also of large segments of the Greek society. The mutation from admiration for the Soviet system to the admiration of Putin's Russia is exemplified in the intellectual development of Greece's new foreign minister, Nikos Kotzias. Mr. Kotzias is a former Communist, and in 1983, he wrote a book praising the Communist dictatorship in Poland and attacking the Solidarity movement and its leaders. In recent years, Mr. Kotzias seems to have developed a very sympathetic view of Mr. Putin and his policies. In his writings, Mr. Kotzias sees Russian actions in Crimea and Ukraine as the normal reactions of a superpower that faces the "aggression" of the U.S. and its ally Germany. In his view, Germany is transforming weaker countries like Ukraine and Greece into "colonies of debt" so that it can dominate them. In 2013, Mr. Kotzias introduced a lecture by Alexander Dugin, an extreme Russian nationalist, at the Piraeus University of Athens, where Mr. Kotzias held an appointment. Mr. Dugin is one of the warmest advocates of a Russian military invasion of Ukraine and has repeatedly called for the extermination of the "Kiev traitors." During his speech, the Russian nationalist praised Mr. Putin for stopping the development of "a global, pro-Western, liberal, pro-American oligarchy." He also recommended that orthodox countries like Greece and the Slavic countries should form an inter-civilizational belt within the EU. Nikos Kotzias (now foreign minster of Greece) on left with Alexander Dugin (bearded in center) in 2013 in Athens. Nor is Mr. Kotzias the only Syriza official with pro-Putin and anti-NATO views. Kostas Isichos, the new deputy defense minister, last year described EU sanctions on Russia as "neo-colonial bulimia" and saluted the "impressive counterattacks" of Russian-backed militias in eastern Ukraine. He said the Kiev government was guilty of tolerating "neo-Nazi abominations." Moreover, in a recent interview with the Danish newspaper Weekendavisen, he denounced NATO as "not a peace-loving institution," although he claimed that leaving NATO "is not among Greece's first priorities." Friendliness toward Putin's Russia and hostility toward Western institutions is deeply ingrained in Syriza's DNA. A look at how Syriza members in the European Parliament have voted on foreign policy resolutions related to Russia and the Eastern Partnership countries is very instructive. Syriza members of the European Parliament voted against the Association Agreement with Ukraine in the autumn of 2014. They also abstained in the vote on Association Agreements for Georgia and Moldova. Syriza deputies moreover opposed two recent resolutions drafted by the European Parliament that called for more sanctions on Moscow and condemned Russia's actions in Ukraine, including the annexation of Crimea and Moscow's support for separatists in the eastern part of the country. Syriza deputies even opposed an innocuous law on renewing EU-Ukraine cooperation on science and technology. The leader of the Syriza party Alexis Tsipras has repeatedly condemned the current sanctions on Russia and during a visit to Moscow in May 2014 he met with Putin allies Valentina Matviyenko and Aleksey Pushkov who are both facing sanctions by the U.S. and the EU. He also came out in support of internationally unrecognized referendums in the separatist-held territory in Ukraine. Nor is Syriza's support to Russia only restricted to matters pertaining to the latter's foreign policy. The party also indirectly endorses Mr Putin's populist authoritarianism: Thus the Syriza deputies in the European Parliament abstained in the vote supporting a resolution condemning the closing of the Russian human rights NGO Memorial. Adoration for Putin is also at the heart of Syriza's right-wing coalition partner, the Independent Greeks, whose leader, Panos Kammenos, has just become the defense minister. Upon receiving his government post he promptly called for an end to the Western embargo so that Greece could resume its buying of Russian arms. His position reflects a broader view on the Greek right, which sees Russia as a traditional ally because of their common Orthodox Christian heritage. Syriza's new geopolitics have won it many friends in Moscow. Moscow reciprocated to the Greek government's statements opposing the embargo by praising Greece for its "democratic attitude," while Russian Foreign Minister Sergey Lavrov immediately invited his Greek counterpart to Moscow. Syriza's new geopolitics will, however, win it few friends where it really matters: The EU and NATO. In these two organizations Greece will increasingly come to be perceived both as a mouthpiece for Mr. Putin and his geopolitical aims. Just like in the 90's when Greece was seen, with very good reason, as a mouthpiece for Slobodan Milosevic and his henchmen in Bosnia. To read more on this topic, check out the links below: Lecture of Alexander Dugin held in the University of Piraeus (Greece) Dugin on Ukraine Statements from Nikos Kotzias So what is Syriza's foreign policy?
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Greece shouldn't underestimate Angela Merkel
It's widely assumed that the European Union will cave to Greek demands to write off some of Greece's debt. What, however, if it doesn't? A Greek exit ...
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| READ THE ORIGINAL POST AT www.chicagotribune.com |
What You Need To Know About The Debt Standoff Between Greece And The Eurozone
FRANKFURT, Germany (AP) — Greece wants a break from the terms of its eurozone bailout loans, saying they're suffocating its economy. Germany, the biggest backer of two bailouts worth 240 billion euros (currently $271 billion), says Athens must pay what it owes. The two sides, debtor and creditor, are dug in and posturing. Yet analysts think a negotiated compromise over the coming weeks is possible — though far from certain. Greece could yet run out of money and leave the euro. A Greek exit from the euro — or "Grexit" — would unleash more turmoil in Greece. Its effects on the eurozone and global economies are less clear. The eurozone has new safeguards to stabilize markets, but some experts think "Grexit" would disrupt Europe's fragile economy and permanently undermine confidence in the 19-country currency union. Time is pressing: Greece's bailout program ends on Feb. 28. Rather than seek an extension, Athens wants to scrap the entire deal and agree on a new one by May. Without the bailout money, Greece will default on its debts as they come due this year. That could cause the European Central Bank to cut off financing to Greek banks. And that in turn could force the Greek government to reintroduce its own currency so it could print money and bail them out. Here are the main sticking points, and possible compromises. ___ DEBT RELIEF Greece's new left-wing government elected Jan. 25 says its debts are so big that realistically cannot be paid back. Greece is being required to cut spending and raise taxes to pay down debt. But that has hurt the economy in the meantime — unemployment has soared to 26 percent and the economy has suffered a plunge similar to that of the U.S. in the Great Depression of the 1930s. Greece's debt amounts to 176 percent of annual economic output this year. Most of that debt — nearly 80 percent — is owed to the people who bailed it out: the other European governments, the International Monetary Fund, and the European Central Bank. Creditor countries — led by Germany, the eurozone's largest member, have publicly opposed debt forgiveness. First of all, it's taxpayer money. More than that, economists say that if Greece is allowed a break, the other euro countries that had to be bailed out — Ireland and Portugal, for instance — would be justified in asking for relief, too. POSSIBLE COMPROMISE: Though eurozone states are against writing off the loan amounts, Douglas Renwick, senior director at Fitch Ratings, says they are "reasonably likely" to grant Greece easier repayment terms. That could mean lower interest rates or longer repayment dates. Whether that's enough to make Greece's debts sustainable is hard to say, but it might settle things for now. Greece has already received some breaks, including longer repayment, lower interest, and a return of profits made by the European Central Bank on bonds it holds. On the other hand, if talks break down and Greece defaults and leaves the euro, it's hard to see how it could repay its debts to its eurozone partners with a devalued new currency. ___ AUSTERITY The new Greek government wants to ease back on the amount of spending cuts it is required to make in exchange for the rescue loans. Under its bailout agreement, Greece is being asked to run budget surpluses — that is, not counting interest payments on debt — of 3 percent of GDP this year and 4.5 percent in 2016. The previous Greek government had reduced the deficit by cutting pensions, firing thousands of workers, and raising taxes. Yet all those cutbacks weighed heavily on the economy and fueled popular resentment — a major reason Syriza won last week's election with a promise to reject the deal and seek better terms. POSSIBLE COMPROMISE: One possibility is to let Greece run a smaller surplus before interest payments. That would still represent substantial progress compared with 2010, when its overall deficit hit a gigantic 12 percent of GDP. Syriza's program calls for rehiring government workers. But it remains to be seen how far they will go. "It's not as if the government is rehiring everyone who lost their job," said Renwick. "It doesn't sound the death knell of the negotiations." In fact, much of the painful cutting has already been done by previous Greek governments, under creditor pressure. "The end of austerity was upon us anyhow," Renwick said. ___ REFORMS While it has made progress slashing its budget, Greece has made slower progress in making its country a better place to do business. So-called structural reforms include reducing unnecessary paperwork and red tape, removing protections for individual professions, improving notoriously slipshod tax collection and fighting corruption. Syriza has proposed rolling back some pro-business reforms. They want to restore cuts in the minimum wage, bring back a 13th month of pension payments, reinstate employee protections and lift restrictions on collective bargaining agreements. POSSIBLE COMPROMISE: Creditors may not give much ground here. Some structural reforms can slow the economy temporarily but should pay off in the long turn. Syriza has talked about making the rich pay more in taxes and tightening collection; that could be common ground with creditors.
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| READ THE ORIGINAL POST AT www.huffingtonpost.com |
Greece finance minister unveils plan to end debt stand-off
Greece's radical new government unveiled proposals on Monday for ending the confrontation with its creditors by swapping outstanding debt for new ...
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| READ THE ORIGINAL POST AT www.ft.com |
Greece Standoff Sparks Ire Over Economic Risks
(Bloomberg) -- U.S. and British leaders are expressing frustration at Europe's failure to stamp out financial distress in Greece and the risk it poses to ...
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| READ THE ORIGINAL POST AT www.bloomberg.com |
Giving debt relief to Greece makes economic and moral sense
Many economists now agree that debt relief is a necessity for economic recovery in Greece. But debt is not just a financial issue, it is also a moral one. Both lenders and borrowers are responsible for creating debts. The ancient concept of a “jubilee” recognises that sometimes debts need to be cancelled when they are causing poverty and increasing inequality. In Greece, child poverty has almost doubled in the past six years, and half of young people are unemployed.Meanwhile, the Jubilee Debt Campaign has calculated that 90% of the loans from the IMF, EU and ECB to Greece have actually been used to bailout European banks. It is immoral for all the costs of this ongoing crisis to be borne by the people of Greece, rather than those who lent money recklessly in the first place. Reducing the burden by cancelling some of its debts will give Greece a much-needed chance at recovery and help bring hope back to Europe.Rowan Williams Master, Magdalene College, Cambridge, Cllr Rabnawaz Akbar Secretary, Manchester Council of Mosques, Rabbi Larry Tabick Shir Hayim/Hampstead Reform Jewish Community, Canon Dr Paul Oestreicher, Rev Professor Michael H Taylor, Rev Philip Taylor Superintendent minister, Methodist Borders Mission Circuit, Rev Stuart Davison Regional minister team leader, South Eastern Baptist Association, Jeffrey Newman Emeritus rabbi, Finchley Reform Synagogue, Rev Sue Woolley District minister, Midland Unitarian Association, Jonathan Bartley Co-director, Ekklesia, Simon Barrow Co-director, Ekklesia, Rev Chris Densham Lead minister, Dereham Baptist Church, Rev James Ramsay Vicar, St Barnabas Church, Manor Park, Stuart Murray Williams Chair, Mennonite Trust, Rev Dr Ruth Gouldbourne Co-minister, Bloomsbury Central Baptist Church, Rev Neil Douglas Minister, Calvary Baptist Church, John Sheldon Warwick Quaker Meeting, Rev Dr Brian Haymes, Rev John Churcher, Rev Chich Hewitt, Rev Stephen Dando, Rev Andrew Dawson, Rev Roger Taylor, Rev Gwynne Brindley, Rev Simon Copley Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
The Greek Elections and European Absurdity
After the victory of the new Greek government, a direct result of the popular, democratic will, international reactions are far from unanimous.
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| READ THE ORIGINAL POST AT www.huffingtonpost.com |
The truth about Greek debt is far more nuanced than either side would have you believe
By rejecting the troika monitors but maintaining “rational discussion” with the EU and IMF, Varoufakis would appear to be saying what the new Greek ...
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| READ THE ORIGINAL POST AT www.telegraph.co.uk |
Floods bring down Ottoman bridge in Balkans
The Ottoman-era bridge of Plaka, the widest stone bridge in the Balkans, has collapsed due to floods in Greece. Restoration of the bridge was on the agenda in 2007, but work was not begun
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| READ THE ORIGINAL POST AT www.hurriyetdailynews.com |
Europe and the Greek contagion: No Podemos
The Greek resentment towards austerity is justified on another point as well. Under the austerity measures imposed by the International Monetary ...
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| READ THE ORIGINAL POST AT www.commdiginews.com |
Greek Singer Alekos Kitsakis Passes Away at 81
Famous Greek singer Alekos Kitsakis passed away today, February 2, at the age of 81, while he was hospitalized at the University Hospital of Ioannina, northern Greece. The funeral will take place on Wednesday, February 4, in Ioannina. In 2005, Kitsakis visited the Presidential Mansion to sing Christmas songs to his friend from Epirus and President of the Hellenic Republic Karolos Papoulias. Upon his return home, he suffered a heart attack and a stroke. Kitsakis was born in Preveza prefecture in 1934 and lost his parents at a young age. He later settled in Athens, where he participated in events organized by the Epirus Federation. He finished school in Corfu and in September 1949 was sent to the Agricultural University of Patras, where he also attended the Patras Conservatory. He used to chant in church, while he performed on the radio as well. Upon his return to Athens, he participated in Greek TV broadcasts and with the help of fellow musician Manolis Kalomoiris, he secured a scholarship at the Athens National Conservatory but he was not able to finish his studies because he was enlisted in the military. Over the years, he recorded some 2,500 songs, while he collaborated with Kaiti Gray, Stelios Kazantzidis, Marinella, Rita Sakellariou, Tzeni Vanou, Periklis Perrakis, Vassilis Soukas, Stathis Kavouras, as well as many other Greek artists.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
German Govt: No to Troika’s Abolition in Greece
Berlin appears firmly negative to any one-sided changes regarding Greece’s bailout program, German Finance Minister Wolfgang Schaeuble highlighted while addressing the Reuters Euro Zone Summit earlier today. Schaeuble’s statements come just a few days ahead of the upcoming first tet-a-tet with Greek Finance Minister Giannis Varoufakis, who has declared he does not intent to extend Greece’s 240-billion-euro bailout package that is due to the end of the month and would instead deliver a new proposal by May. “We want Greece to continue going down this successful path in the interests of Greece and the Greeks but we will not accept one-sided changes to the program,” he said, adding that he is prepared to meet Varoufakis and discuss the country’s options. In a similar context, German Chancellor Angela Mekrel’s spokeswoman, Christiane Wirtz, highlighted that the German government is having the “willingness and interest in having good relations with the Greek government,” refuting, though, a report in German newspaper Handelsblatt that wanted European Commission President Jean-Claude Juncker willing to remove debt inspectors representing the EU/ECB/IMF Troika from Greece. “The German government sees no reason to scrap this mechanism of evaluation by the Troika, then political decisions made on the basis of the Troika’s findings, and we also see no indications that the European Union is distancing itself from this evaluative process,” she said. Furthermore, commenting on a possible meeting between the German “Iron Lady” and Greek Prime Minister Alexis Tsipras, Wirtz stressed that the two will have the chance to meet and discuss during the European Union Summit to be held later this month, as no bilateral meeting has been planned between the two sides. At the same time, German Finance Ministry spokeswoman Marianne Kothe ruled out the Troika’s abolition, as its role has been agreed between the two sides and the mechanism consists a part of Eurozone’s bailout program. “These things just cannot be changed unilaterally,” she pointed out. Finally, asked to define the time of the Varoufakis–Schaeuble meeting, she said it might take place in the next few days, although there has been no such contact as yet.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Business Insider: ECB Squishing Greek Banks to Reach a Deal With the Government
The European Central Bank (ECB) is constantly adding pressure to Greek banks, threatening to withdraw emergency funding if the country’s government does not compromise. In a time that the newly elected leftist Greek government is attempting to renegotiate the terms of the country’s bailout program with the EU/ECB/IMF Troika, ECB is threatening Greek banks with a sudden default by disrupting liquidity inflow. At the same time, the SYRIZA-led government in Athens is hoping to abolish the Troika and its replacement by a so-called “European debt conference” to renegotiate the new terms of its debt repayment. On the opposite, the Troika (with the firm support of the German government) intents to keep the current deal, signed with the previous Greek government, which aims to lower the debt from 175% of GDP to 124% by 2020 through unpopular austerity measures. Amid the new government’s attempt to renegotiate, the ECB governing board is insisting that its funding may be cut off at the end of the month, unless a compromise between the two sides is achieved. According to a Business Insider report, Greece enjoys special dispensation, allowing its banks to use Greek government debt as collateral in exchange for ECB funding, despite being rated as “junk.” This waiver was granted as part of a deal under which the country committed to undertake a package of structural reforms insisted upon by the Troika in exchange for bailout money. Although, if this waiver is withdrawn, then Greek banks will no longer be able to exchange bonds on their balance sheet for ECB loans. Without that support, the sector could face widespread bankruptcies and could in turn push the country closer to collapse. “Do not believe for a minute that this is a technocratic thing to do with ‘the ECB having to follow its rules.’ And it has almost nothing to do with Greek government bonds being junk-rated. All of the issues discussed above come down to discretionary decisions by the ECB Governing Council (restrictions on T-bills, waivers on junk-rated government bonds, arbitrary lines-in-the-sand on government guaranteed bonds and the mysterious rules of ELA) and there is plenty of wiggle room for them to allow Greek banks to continue receiving various sources of funding next month in the absence of an EU-IMF program agreement,” the same reports highlighted, citing Professor Karl Whelan of University College Dublin, who said ECB’s stance is designed to push Greece’s government into a new compromised deal.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greek Deputy Health Minister: Government Guarantees Pensions
“If there are any difficulties, we have a plan to deal with them and have sufficient financing,” Greek Deputy Health Minister Dimitris Stratoulis said on Monday during an interview with Athens-Macedonian News Agency. Stratoulis confirmed that the restitution of previous losses on pensions “will be gradual and based on the numbers of economic recovery.” Asked on how social security revenue will increase, he replied: “The coffers of the social security funds will be boosted if our plan for economic recovery, the restart of the economy, succeeds, which we believe it will.” Stratoulis noted that the Ministry already has a list of big debtors to social security funds and plans to publish them. However, he stressed that the main thing is to use all legal and political means to collect these debts. Regarding the administration of social security funds, he said: “Changes will be made, but in time, because our priority is to stop the destruction of pensions, the plans for new pension reductions and the increase of the retirement age as of 1/1/2015 provided by the Memorandum legislation.” (source: ana-mpa)
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greece says not in 'Wild West showdown' with Europe
NICOSIA/LONDON (Reuters) - Greece sought to reassure international investors on Monday that it was not in a Wild West-style standoff with European partners over a new debt agreement, although sparring partner Germany gave no ground after a tough first week.
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| READ THE ORIGINAL POST AT feeds.reuters.com |
Greece’s Syriza govt could pose greater risk to global economy than Middle East conflict – Osborne
Greece’s standoff with Eurozone governments and international creditors poses a greater threat to the global economy than conflict in the Middle East, climate change and rising tensions between Russia and the West, UK Chancellor George Osborne says.Read Full Article at RT.com
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| READ THE ORIGINAL POST AT rt.com |
Greece puts Draghi on the political stage
The ECB chief is giving little away but has been known to be ready to play a strong hand
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| READ THE ORIGINAL POST AT www.ft.com |
Greek stocks end 4.64% higher
Greek stocks ended strongly higher in the first trading session of February in the Athens Stock Exchange, recovering after last week’s 14.10% plunge of the composite index. Traders said a positive change of climate in current negotiations between the new ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Greek finance minister confident ECB will not undermine Greece
… LONDON, Feb 2 (Reuters) - Greece's finance minister Yanis … undermine a deal to resolve Greece's debt crisis which … broadcaster Channel 4 News that Greece needed a sense of stability … doubts about further support for Greece. "It takes a very …
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| READ THE ORIGINAL POST AT world.einnews.com |
Opinion: EU's core values are crumbling
New Greek Prime Minister Alexis Tsipras and his left-wing Syriza party have challenged European consensus. But it's already come under scrutiny by other players, writes DW's Christoph Hasselbach.
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| READ THE ORIGINAL POST AT www.dw.de |
Germany will have to yield in dangerous game of chicken with Greece
George Osborne has warned that the escalating showdown between Greece and the eurozone has become the “greatest risk to the global economy”.
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| READ THE ORIGINAL POST AT www.telegraph.co.uk |
Varoufakis sees debt deal very soon – Channel 4 News
Greek Finance Minister Yanis Varoufakis said on Monday that he expected to reach a rapid deal on Greece's economic situation, according to Channel 4 News. "There will be a deal in a very short space of time ... that settles ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Greek government's charm offensive after rocky start
It has certainly been a rocky start. In its first week in office, Greece’s new government pledged to row back reforms, halt privatisations and to ignore calls for an extension to its second bail-out programme, which expires at the end ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Germany does 'not like' new Greek government's closeness to Russia
German Finance Minister Wolfgang Schaeuble told Reuters on Monday that Berlin did not like the new Greek government's closeness to Russia and said aid from Moscow was not a viable substitute for European assistance for Athens. Asked to what extent the ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Greek finance minister Yanis Varoufakis rocks up to meet George Osbourne in an edgy jacket
"It's nice that he's showed up wearing one of the colours of the Greek flag," he offered. "He looks more like a Greek Eurovision contestant than a Greek ...
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| READ THE ORIGINAL POST AT www.independent.co.uk |
Osborne uses meeting with Greek finance minister to tell people to vote Tory
Even though he wasn't quite prepared in the sartorial stakes for the visit of Greek finance minister Yanis Varoufakis, George Osborne was ready to use ...
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| READ THE ORIGINAL POST AT blogs.spectator.co.uk |
A look at sticking points in Greece's demand for easier bailout terms from eurozone creditors
Greece wants a break from the terms of its eurozone bailout loans, saying they're suffocating its economy.
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| READ THE ORIGINAL POST AT feeds.foxnews.com |
Syriza has bold solutions to the forces of austerity that are strangling Europe
The new government in Greece wants to spearhead an alliance of leftwing forces across Europe, but we know we face powerful adversariesThe inaugural week of the new government in Greece has already delivered a considerable jolt to EU politics, and there is much more to come. First, it is necessary to deal with the widely circulated canard that the coalition government between Syriza, the party which I represent in parliament, and the Independent Greeks (Anel) signifies an unholy “red-brown” alliance. Anel is not a soft version of the fascist Golden Dawn. It is a nationalist party that speaks for broad sections of grassroots conservatism, and they have consistently opposed the disastrous policies of austerity. Indeed, with regard to Greece’s national debt, its position might even be considered to the left of Syriza.Needless to say Syriza would have preferred to form a government alone, but the election results did not allow it. To its shame, the Greek Communist party refused to join or even support a Syriza government. There is no other party with anti-bailout credentials in the Greek parliament. The dilemma for Syriza, therefore, was either to form a government with Anel and apply the anti-bailout programme, or let the country go to fresh elections, which would have been disastrous for both economy and society.Greece no longer considers the troika to have a valid institutional statusThere is a sense among ordinary Greeks of recapturing some dignity after years of being treated appallingly Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
A guide to the debt standoff between Greece and the eurozone
FRANKFURT, Germany (AP) — Greece wants a break from the terms of its eurozone bailout loans, saying they're suffocating its economy. Germany, the biggest backer of two bailouts worth 240 billion euros (currently $271 billion), says Athens must pay what ...
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| READ THE ORIGINAL POST AT www.dailymail.co.uk |
FTSE moves higher as oil shares rise, with Tullow up on bid talk
Despite worries about Greece and global economy, rise in crude price lifts energy sharesOil companies kept leading shares afloat in the first trading day of the new month, on signs that capacity was being cut in the wake of the recent price slump.Brent crude moved as high as $55 a barrel, before slipping to $53.4, a 0.7% gain, in the wake of recent figures showing the number of rigs drilling for oil in the US fell by 94 late week, the biggest weekly fall since 1987.Over the last 12 months we have worked hard to select the best prospects for drilling and have now, with our partners, put in place an exciting drilling programme targeting over 1.4bn barrels of gross unrisked prospective resources. Falkland Oil and Gas has the largest acreage position of any explorer in the Falklands Islands and the biggest exposure to the upcoming drilling campaign, the results of which have the potential to be transformational for us.[Mariana] reported the most impressive results we can recall the company ever having. We view it as unfortunate, therefore, that joint venture partner Lidya is earning 70% of this project. Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Greece bailout 'troika' may go
Greece's new left-wing government does not accept the troika's agenda. Instead it aims to renegotiate the bailout, to get a huge reduction in Greece's ...
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| READ THE ORIGINAL POST AT www.bbc.com |
British Chancellor of the Exchequer: Greece-Eurozone Clash a Threat for Global Economy
British Chancellor of the Exchequer and Second Lord of the Treasury George Osborne, in a London meeting with Greek Finance Minister Giannis Varoufakis earlier today, underlined that a potential clash between the Greek government and the Eurozone poses a major threat to the global economy. “We had a constructive discussion and it is clear that the standoff between Greece and the Eurozone is the greatest risk to the global economy,” Osborne said, adding that “I urge the Greek Finance Minister to act responsibly but it is also important that the Eurozone has a better plan for jobs and growth.” Furthermore, the British conservative MP highlighted that such a development constitutes “a rising threat” to his country’s economy as well. “We have got to make sure that in Europe, as in Britain, we choose competence over chaos,” he underlined. On his behalf, the Greek Finance Minister did not speak to the press after emerging from the meeting at 11 Downing Street, while he has scheduled a meeting with some 100 London investors and bankers. According to Reuters, “the message will be that we are very open to investments, that people should listen to the Finance Minister, who has got the Prime Minister’s absolute confidence, rather than noises from any other direction. We will be able to service the Greek debt on terms that will have no detrimental impact on bond holders, especially private.” Varoufakis, who is heading to a meeting with Italian Prime Minister Mateo Renzi, as well as with European Commission President Jean-Claude Juncker later this week, has offered to table a revised debt deal within a month, while he has appointed US investment bank Lazard to advise on Greece’s negotiations with its creditors regarding a viable solution on the country’s debt, which currently exceeds 175% of its GDP.
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60,000 of Croatia's poorest will have all of their debts cancelled
Croatia is trying something innovative to alleviate poverty: it's canceling debts. Under an agreement Croatia's government made with "major local banks, leading telecom operators, the four biggest Croatian cities and several public utility companies," according to Reuters, the debt burden of about 60,000 of Croatia's poorest citizens will be wiped — without reimbursement to the banks, telecoms, and utility companies. The program will reach about 1.3% of Croatia's 4.4 million citizens. Debt has become a huge issue for the Croatian economy, and this move may not even go far enough to put a dent in the problem. 317,000 Croatian citizens, or around 7.2% of the population, had blocked bank accounts because of outstanding debts as of last July, according to Reuters. (As a proportion of the population, this is roughly equal to the 7.7% of Americans that are unbanked.) This is how the program is supposed to work. In order to qualify, a person must have Debts worth 35,000 kuna (about $5,150) Either qualify for welfare or make less than 1,250 kuna per month (about $184) Not have any other assets or savings The big question is what happens now. In the short term, this will clear about 2.1 billion kuna ($319.26 million) worth of debt, according to Reuters, and allow a lot of people back into the banking system in Croatia. They'll have a fresh start, which effectively amounts to a stimulus package being funded by Croatia's financial institutions. But what about the other people still locked out of the banking system? It seems weird to have an absolute threshold: if you make 1,249 kuna, you get to start again. If you make 1,251 kuna, you are left with the entirety of your debt. If the figures are correct, there will still be more than 250,000 people without access to their accounts. And if banks expect this kind of policy to become the norm, they may very well increase interest rates for everyone, making going into debt even more expensive in the future for everyone. It's an interesting experiment, but, it seems, doomed to fail.SEE ALSO: Here's a 3-way roadmap for the situation in Greece Join the conversation about this story »
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| READ THE ORIGINAL POST AT uk.businessinsider.com |
Greek Deputy Interior Minister Selling Ministerial Cars
Greek Deputy Minister of Interior and Administrative Reconstruction Giorgos Katrougalos announced that he is going to sell the majority of state cars provided to Ministers and Greek government officials. The Deputy Minister, who owns an old collectible MG convertible, stated that he is proud of his car despite the fact that it has shown several problems over the years. “Ministers do not need state cars,” he told Greek magazine “VIMAtodotis.” Greek Finance Minister Giannis Varoufakis for example, rides his own motorcycle or opts for a taxi, Labor and Social Solidarity Minister Panos Skourletis and Deputy Health Minister Dimitris Stratoulis drive their own private cars, while Greek Prime Minister Alexis Tsipras owns a black Audi. One of the cars being sold by the Greek state include a bulletproof and bombproof BMW with satellite navigation, worth 750,000 euros, which was used by Former Greek government Vice President and PASOK leader Evangelos Venizelos.
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Modern Greece Repeating The Myth of Phaethon
Classical context With an uncanny frequency, one can find traces of classic events being repeated in our current era. Plato wrote in “Timaeus” of the events surrounding Phaethon, son of Helios who stole away with his father’s sun chariot. He, being inexperienced was unable to drive it along the course that was [...]
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