How the world sees Greece
Yup. Greece has a Minister assigned to combat corruption. Since January 27th 2015. His name is Panagiotis Nikoloudis, former prosecutor for cases of money laundering. In Greek coalition government Nikoloudis has the duty not only to find out cases of corruption but also to collect the fines and penalties from […]
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NICOSIA – Defence Minister Panos Kammenos is due in Cyprus on Wednesday for a two-day official visit and meetings with the state, military and religious leadership of the island. The Greek minister is due to arrive at 10:00 in the morning and will be met by Cyprus Defence Minister Christoforos Fokaides during an official welcoming […] The post Kammenos in Cyprus Wednesday appeared first on The National Herald.
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Germany took a tough line against Greece over its bailout on Feb. 10, tempering market hopes that a deal between Athens and its European creditors was in the works, with German Finance Minister Wolfgang Schaeuble warning that talks would be dead if Greece reneges on bailout deals. The post Germany Tells Greece: Our Way Or The Highway appeared first on The National Herald.
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We are used to seeing our leaders emotionless. That's why it was impressive to see Greek Premier Alexis Tsipras pour out his heart to Parliament. The post Tsipras’ Tears Reveal Greek Passion Play appeared first on The National Herald.
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Feb 10 (Reuters) - Ratings agencies Fitch and Standard & Poor's warned on the long-term ratings of four Greek banks as uncertainty surrounds ...
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At the same time, the Greek government has sent conflicting signals, taking a hard-line against continued austerity and the so-called troika of ...
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| READ THE ORIGINAL POST AT www.marketwatch.com |
It is also not a good idea; and not just because high frequency fluctuations in the Greek drama add to volatility in US markets. It is chiefly due to what a ...
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| READ THE ORIGINAL POST AT www.businessinsider.com |
Greece's public debt currently stands at more than euro 320 billion, or about 175% of gross domestic product
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| READ THE ORIGINAL POST AT www.business-standard.com |
In the German telling, in particular, Greece lied about its fiscal condition in order to take on excessive debt and must be punished with backbreaking ...
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| READ THE ORIGINAL POST AT takingnote.blogs.nytimes.com |
PARIS -- Having had the experience, at the very beginning of my career, to participate in the negotiations which resulted in the Treaty on the Final Settlement with Respect to Germany, signed in Moscow on September 12, 1990, I believe it is important to warn about the truly bad consequences that the new Greek demand for "reparations" from Germany could have. Europe is founded on moral choices, which, although often forgotten, are nonetheless essential: cooperation rather than vengeance, respect for the law and solidarity. This is why one must immediately denounce an idea that is currently being discussed both in Greece and elsewhere: that Greek debt could be cancelled because of the debt owed to the Hellenic Republic from the Third Reich. Prime Minister Tsipras has indeed proclaimed that there is "a moral obligation to our people, to history, to all Europeans who fought and gave their blood against Nazism." First, this call ignores an important historical choice made after 1945: the refusal to impose reparations -- the willingness to cooperate with the former enemy. After 1945, the American and European authorities learned from the lessons of the period following World War I. They wanted to avoid repeating the mistakes of 1919 when the Treaty of Versailles imposed crushing reparations on defeated Germany. The result would have been to once again create resentment and to pave the way for a new conflict. The 1947 American Marshall Plan, just like Robert Schuman's declaration on May 9th, 1950, followed a radically different logic: to draw a line under the past, to build a common future. Although apparently idealistic, this solution has proven itself to be infinitely more effective than the previous cycles of war, reprisals and reparations. We must fairly value the foresight of those men who had survived two world wars. They had just fought against Nazism and had often lost loved ones in that battle. The temptation to look for vengeance could have been the overriding emotion. Instead they managed to master these feelings and to build a peaceful Europe. Second, this call forgets the international agreements of 1953 and 1990. Legally speaking "Germany" no longer existed after 1945. The four victorious powers (the United States, the USSR, the United Kingdom and France) had, in the name of all the belligerent parties involved, "reserved rights" on the former Reich which had surrendered. The East-West confrontation, however, meant that a "classic" peace treaty could not be signed, which would have resolved all questions concerning German sovereignty, decided the limits of its borders and organized its economic relations with its former enemies. All these questions were instead put aside. They remained frozen for the duration of the Cold War. The Western powers did, however, decide to group their three zones of occupation together, promoting the emergence of the Federal Republic of Germany, whose leaders claimed to be the only legitimate representatives of "Germany as a whole." For the Americans, the priority was anchoring the FRG to the West. An agreement concerning German foreign debt was signed (by many countries, including Greece) on 27th February 1953 in London which partially wrote off some German debts, while ensuring that "consideration of claims arising out of the second World War by countries which were at war with or were occupied by Germany during that war... shall be deferred until the final settlement of the problem of reparation" (Article 5.2). After the failure of the European Defence Community, Germany was allowed to rearm itself and joined the North Atlantic Treaty Organization. A founding member of the European Coal and Steel Community, it was also part of the Common Market established by the Treaty of Rome in 1957. On 12th September 1990, following the fall of the Berlin Wall, and after months of negotiations, the 2 + 4 Treaty "on the Final Settlement with Respect to Germany" (concluded between the FRG and the German Democratic Republic as well as the four 1945 allies, the United States, the USSR, the United Kingdom and France) was signed in Moscow. It returned full and complete sovereignty to Germany. The 2 + 4 Treaty fixes Germany's eastern borders along the "Oder-Neisse line," resulting in a loss of territory compared to the Germany of 1938. It lays down the conditions for the withdrawal of Soviet troops and arms from the former GDR. It is true that there is no reference to reparations, but this is deliberate, as the summary note prepared by the French negotiators confirms: The Moscow Treaty [The 2 + 4 Treaty] does not contain all the clauses of a peace treaty; and it does not bear the name. In particular it does not mention the problem of reparations. However, beyond these differences, the document of 12th September contains certain essential elements of a peace treaty, first and foremost the establishment of the borders of the defeated country (...). The consensus was to keep up appearances but it is clear that the Moscow Treaty corresponds to the peace treaty that was mentioned in a number of international acts since the Second World War. This omission, present in everyone's minds, means that the agreement of 12th September decidedly concludes the period opened in 1945. This interpretation is supported by the preamble of the agreement. It would be very dangerous to reopen Pandora's Box from the past. Those who negotiated the Moscow Treaty have assumed their responsibilities. They negotiated decades after the surrender of the Reich, with a FRG, which is a solid democracy and a member of multinational fora (NATO, EEC, the Council of Europe) at the time when the USSR finally accepted the thaw in relations. They obtained guarantees concerning Germany's borders and its membership to NATO. If the legitimacy of this agreement was to be questioned, could Germany not withdraw from its commitments, just as Russia and all the other signatories could? Where do we draw the line? The waiver concerning reparations cannot be interpreted as being complacent towards the Nazi regime. It is precisely because the German authorities and the German people have undertaken exceptional efforts and constantly condemned the Nazis' crimes that it is possible to work constructively with unified Germany. The page has been definitively turned. Third, a strong solidarity has replaced war reparations. Greece has not recovered the money stolen from it by the Nazis but it has largely benefitted, notably in terms of its security, from the existence of NATO. It has also received significant sums from European funds. These funds were financed by contributions from European citizens in other Member States, first and foremost the FRG, both before and after 1990. Finally, since 2010 Greece has benefitted from loans at either reduced interest rates or interest free amounting to 240 billion euros, while its private debt has already been largely written off. It is too simple to try to ease one's conscience by suggesting that the "rich" (Northerners) pay rather that the "poor" (Southerners). There are large differences between European countries, linked to the disparity between levels of wealth both between Member States and within them. These calculations are always delicate but it cannot be denied that in Greece some better off households, certain business sectors (shipowners) or institutions (the Orthodox Church) escape taxes completely, or to a large extent. Fairness requires that the most wealthy contribute, wherever they are. In the European Union, which is democratic, everyone is allowed to contest the decisions taken during the sovereign debt crisis or even to criticize the German federal government. There are a sufficient number of pertinent arguments, drawn from the social situation in Greece and from the errors committed by previous Greek governments, and the European institutions, to construct solid arguments grounded in today's dire realities. The Eurozone needs more ambitious policies in order to fight against inequalities, poverty and tax dumping. Enabling the EU to undertake common macroeconomic policies is also crucial. The question to ascertain if the current debt is sustainable, and under what conditions, must also not be taboo. In the current context, the Greek government can advocate for debt relief, even if it would be difficult to implement. But no responsible leader worthy of the title should take the risk of threatening the peace which has reigned since the end of the Second World War.
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Greece has a point. Question is, how best to present it. It's only a fortnight since Greece's early elections produced a new coalition government partnered by radical leftist SYRIZA and radical nationalist Independent Greeks. SYRIZA's leader and Greece's Prime Minister, Alexis Tsipras, campaigned on an aggressive, anti-bailout platform that resonated with an electorate fed up with a German-inspired austerity package whose extensive fiscal consolidation and more limited structural reforms have produced human misery reminiscent of the Great Depression. SYRIZA's governing partner, the Independent Greeks, ran a campaign that drew from those same wellsprings of national humiliation and popular despair, amplified by historical grievances which conjure up memories of Germany's occupation of Greece. Given Greece's governing coalition, there should be little surprise that Athens and the Troika (the European Central Bank, ECB, the European Commission, EC, and the International Monetary Fund, IMF) are heading in different directions. But Athens' high-stakes negotiation game has brought deadlock with Eurozone leaders, and given Greece's imperiled financial and humanitarian realities, all the pressure is on Athens to rapidly rethink its negotiation tactics and objectives. By hitting the reset button before the emergency meeting of Eurozone Finance Ministers that is two days away, Greece could reap significant material gains and an upgrade in the country's embattled international image. Since its first week in office, the government in Athens made a series of moves that were ill-advised for purposes of a constructive engagement with European power-brokers in Berlin. Tsipras and Finance Minister Yanis Varoufakis left Berlin for last on the shuttle diplomacy tour of EU capitals intended to establish the credibility and momentum for a successful launch of Greek demands. The transparency in Athens' apparent strategy of divide-and-conquer antagonized EU leaders who would be key to the success of the new government's negotiation aims. French Finance Minister Michael Sapin rebuked SYRIZA's approach, cautioning that "There is no point in playing euro zone countries against each other, and especially not France and Germany because ... a solution that helps Greece while , making sure it meets its commitments will have to go through an agreement between France and Germany." Meanwhile, the CDU-SPD coalition in Berlin seems as united as ever on this. Soon thereafter, Varoufakis made Athens' first U-Turn, abandoning the demand for a debt write-off, and instead, proposing to swap outstanding debt for new growth-linked bonds. As the European press reported that Athens had shifted its negotiating platform, Greek media were trumpeting SYRIZA's "tactical ploy" and uncompromising adherence to its election promises, while SYRIZA supporters mobilized in Athens to demonstrate their resolve. The basics of a two-level negotiation game and smart power apparently eluded the new government, which paid short shrift the credibility consequences of rhetorical softening abroad and media triumphalism at home. By the time that Varoufakis for meetings with his counterpart in Berlin, Wolfgang Schauble adhered to the legalistic German position that "new elections change nothing" in the Troika (European Central Bank, European Commission, and the International Monetary Fund) agreements negotiated with Athens, so that the Greeks have no alternative. Addressing the press in Berlin, the two Finance Ministers couldn't even manage consensus on whether they had agreed to disagree on next steps. Now back in Athens, the Prime Minister and Finance Minister have little to show for their initial foray into negotiation strategy and diplomacy. The ECB has announced the suspension of its waiver for junk-rated Greek government debt as collateral for bank loans, the Greek Stock Exchange continues its free fall, and Greece's entire EU bailout expires on February 28th. Since Germany demonstrates little sign of blinking first, the game of mutually-assured-destruction that pits Berlin-led Eurozone Finance Ministers against Greece can only end in disaster if Athens adheres to its current negotiation approach. This reality means that SYRIZA leaders need to recognize that their goal of ending Greece's status as a "debt colony" must take into account an EU playing field that is getting rougher by the moment. Greece's elections have ushered in a year of national elections across Europe, from the Baltics to Britain and the Iberian Peninsula, and the pre-election climate is already showing signs of becoming a de facto referendum on the effects of the current, German-led policy mix in the Eurozone. The Athens government needs to differentiate between their dreams versus feasible outcomes in view of multivariate negotiating constraints. At a time when EU politicians are worried about growing social strains and party polarization, all tied to questions about the sustainability of a Eurozone policy of dogmatic austerity, some of Greece's demands may be seen as an unwelcome headache. Athens should get its priorities straight and its brand in order. The debt write-off is not the real issue. After all, the country's largest creditor is the EFSF (141.8 billion euros), and the average maturity of EFSF loans to Greece is just over 32 years, with the last payment due in 2053. Greece pays about 1.5 percent on those loans, and any write-off will have only a minor impact in easing the debt-servicing costs before 2023. Greece's real economic problems lie elsewhere, and so should SYRIZA's negotiating focus. There is need to relax the paralyzing Troika straightjacket on fiscal targets - one of the causes that brought down the moderate Conservative government in Athens - and to find common EU solutions on the conditions necessary to boost foreign investments and growth. Greece can only lose by sticking to a fanciful negotiation game based on debt relief and driven by ideological dogmatism and dependent on nationalist gestures. Greece deserves better, and it's up to Athens to convince its Eurozone partners that what is good for Greece is what is good for Europe. How does Greece's new government make these points with European partners who are skeptical about SYRIZA's tactics, objectives, and capacity? Italian Prime Minister Renzi's gift of a tie to Greek Prime Minister Tsipras was not all humor: there was also a sober message that substance and form relate to each other, that reality is shaped by perceptions. First of all, it's time to ditch the posturing of self-styled revolutionaries pretending that David will beat Goliath--and if that means putting on a tie and putting down the cell phone, then, have at it. Next, Athens should be clear that political stability and domestic consensus is a necessity for economic improvement. Greece's incipient and fragile recovery (in the third quarter of 2014, Greece's growth was higher than that of any other Eurozone member) was halted by the country's early elections, which were partly the result of Troika intransigence in the face of the impossibility of austerity leading to durable economic recovery in Greece--a message already understood in other EU countries. Finally, SYRIZA needs to put aside the politics of confrontation, and persuade the Troika to do the same. Tsipras and Varoufakis should be clear that Athens is committed to the continuation, not reversal, of structural reforms, as well as to benchmarks for implementation of still-overdue structural changes that can enhance predictability and productivity for the business sector and foreign investors in Greece. If Athens resets its negotiating approach, it will be up to Eurozone leaders to show their maturity in agreeing to more flexible management of budget-surplus targets and in silencing the convenient rhetorical scapegoating of Greece for laying bare the tensions in the European Project. There is still room for a sensible negotiation with Greece's partners. But time is of the essence for Greece and for Europe. The next day of reckoning is near. Dr. Kostas A. Lavdas and Dr. Elizabeth H. Prodromou are professors at The Fletcher School of Law and Diplomacy, Tufts University
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Greek government bonds advanced for the first time in five days on Tuesday on speculation the country and its international creditors are moving toward an agreement that will help ensure Greece isn’t left short of funds.
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Former Prime Minister George Papandreou threatened legal action on Tuesday against anyone reproducing an extract from a soon-to-be published book by Herve Falciani, the former HSBC employee who leaked the details of thousands of depositors to authorities, including the Greeks included on the so-called Lagarde list.
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Talks with Greece over its debt crisis should take place within the framework of its existing economic bailout program
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Τhe Greek health sector has deteriorated significantly since the start of the country’s crisis, according to the results of a new international study.
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Ratings agencies Fitch and Standard & Poor’s on Tuesday warned on the long-term ratings of four Greek banks as uncertainty surrounds Greece getting financial support from the European Central Bank.
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Greek passenger ferry Melina II issued a distress signal on Tuesday after suffering engine failure off the coast of Syros amid high winds.
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Greek Finance Minister Yanis Varoufakis, while addressing the Parliament, declared that Greece is on the brink of the post-bailout era and also fixes the mistakes that caused the country’s depression. “With tonight’s vote of confidence, Greece is entering the ‘post-bailout’ era,” he said, and while answering to PASOK leader Evangelos Venizelos’ accusations, he ruled out accepting any bailout terms that raise Greece’s debt. Regarding the negotiations, he said that “game strategy is for games. You do not play with Europe’s future, you do not play with Greece’s future.” In addition, he stressed that he rejects around 30% of the existing austerity program and urged opposition MPs to support him in the Eurogroup negotiations, as “this is the first Greek government going to the Eurogroup standing upright and now walking in bowed.” Finally, he explained that 30% of the austerity program is “toxic” and declared: “If you are not willing to even consider a clash, you are not negotiating. We are not seeking a clash. We will do everything to avoid it. But you are not negotiating if you have ruled it out.”
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Recent ECB move regarding Greek bonds puts GREK ETF in focus.
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Kotzias : We have a voice to be heard and rights to fight for - Steinmayer insists Greece sticks to initial commitments
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According to reports, the government has proposed that Greece's 3pc of GDP primary surplus target for 2015 be reduced to 1.49pc, and that Greek ...
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| READ THE ORIGINAL POST AT www.telegraph.co.uk |
Greece's left-wing government drafts an alternative to its bailout conditions - but its EU partners remain sceptical.
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Freezing temperatures are also forecast for much of the country on Wednesday
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The euro is holding steady against the dollar at $1.13, but Greek stocks are rallying: the Global X FTSE Greece 20 ETF (GREK) is up 6.5%, while ...
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"I am firmly convinced that Greece can only solve its problems in the long run by making its public finances solid and its economy more competitive," ...
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… European equities and Greek bonds as investors speculated Greece will reach an … the next OPEC meeting.” Greek Talks Greece sought to drum up support … in the standoff between Greece and its creditors. Greek Finance Minister Yanis …
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The Greek foreign minister took his government's claim for World War Two reparations direct to Berlin on Tuesday and received a clear rebuke from his German counterpart. On Sunday, Greece's new leftist Prime Minister Alexis Tsipras, in his first major speech to parliament, ruled out any extension of its 240 billion euro international bailout and pledged to seek war reparations from Germany ...
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… 50 percent lower in 2014. Greece’s Finance Minister Yanis Varoufakis … about Greece and Germany.” More Cooperative Behind the public rhetoric, the Greek … . Two other troika officials said Greece may be given more time …
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Financial markets rally despite warnings from Berlin that no agreement between Athen’s new Syriza-led government and its eurozone partners is imminentShares in Europe have risen amid hopes that the new Syriza-led government in Greece is edging close to a debt deal with its eurozone partners.Despite warnings from Berlin that no agreement was imminent, financial markets rallied in advance of the first meeting of the eurogroup – the finance ministers of the 19 countries that use the single currency – in Brussels later on Wednesday. Related: Greece moving closer to bailout compromise, before Schäuble hits back - as it happened Continue reading...
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ISTANBUL (Reuters) - Finance officials from the Group of 20 leading economies sketched an uncertain outlook for global growth on Tuesday and vowed to use monetary and fiscal policy if needed to stem any risk of stagnation.
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A cold spell has swept across Greece, bringing snow as far as Athens, frosting famous sites such as the Parthenon temple. Rough Cut (no reporter narration). Video provided by Reuters
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Greek debt hopes help European, U.S. shares * Coca-Cola earnings boost U.S. shares * U.S. bond yields rise as Fed rate hike eyed * Oil slips on IEA ...
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To get the ECB and other euro zone central banks to return 1.9 billion euros in profits gained on their Greek bond holdings. During the period, it will ...
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With an important meeting of eurozone finance ministers looming, German Finance Minister Wolfgang Schäuble has said "it's over" if Greece refuses to accept the next tranche of the troika's bailout package.
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Greek newspapers are reporting that the Greek government will be presenting a plan for a bridge program (despite denials by euro zone officials that ...
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NEW YORK (MarketWatch) -- U.S. stock futures rose on Tuesday ahead of an emergency meeting between embattled Greece and its creditors as they ...
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(Bloomberg) -- German Finance Minister Wolfgang Schaeuble doused expectations of a positive outcome for Greece at an emergency meeting with its ...
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Greece is not seeking a clash with its European partners but cannot exclude one, its finance minister said on the eve of a crucial euro zone finance ministers' meeting to discuss the country's future. In a defiant speech to parliament ahead of a vote of confidence in the new government later on Tuesday, Yanis Varoufakis heralded the start of Greece's post-bailout period and laid the ground for a ...
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Markets rebound but no sign of breakthrough as Schäuble dismisses new Greek plan
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Instead of focusing on the emotionally charged issue of reparations for the second world war, Berlin and Athens should set up a future fund for the joint rehabilitation of a ‘shared’ historyThe triumph of Alexis Tsipras’s Syriza in last month’s elections means that the old debate about whether Germany still owes Greece wartime reparation payments is emphatically back on the table. “I can’t overlook what is an ethical duty, a duty to history … to lay claim to the wartime debt,” Tsipras said, while addressing parliament on Sunday.Germany’s deputy chancellor, Sigmar Gabriel, has rejected Tsipras’s demands outright: “The probability is zero.” Calls for wartime repayments are often seen as being a sleight of hand on behalf of those “bankrupt” Greeks, trying to cover their debts by tricking poor German taxpayers out of their hard-earned euros. But it’s worth having a closer look at what kind of debt we are actually talking about. Related: Greek prime minister vows to strike deal to stay inside eurozone It was an open secret that Germany actively tried to postpone the payment indefinitely, even after reunification Related: Greece moving closer to bailout compromise, before Schäuble hits back - live updates Continue reading...
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Greece will have to ask for an extension of its current bailout to give itself and the euro zone time to hammer out a new agreement, as there is no specific plan for Athens now, the EU's economics commissioner said on Tuesday. Pierre Moscovici said euro zone ministers would listen to Greece's views at a meeting on Wednesday and tell Greek Finance Minister Yanis Varoufakis what they thought of ...
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Greek Finance Minister Yanis Varoufakis told Parliament Tuesday that the government is determined to clinch a new debt deal favorable to Greece, but is decided on a rift with its European partners if push comes to shove. "If you have excluded ...
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German finance minister Wolfgang Schäuble has declared that the extraordinary Eurogroup meeting convened for Wednesday will not agree a new debt deal for Greece. "Sounding as uncompromising as ever, Wolfgang Schäuble declared that Greece is solely responsible for its ...
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ATHENS, Greece (AP) — Germany's finance minister took a tough line against Greece over its bailout on Tuesday, tempering market hopes that a deal between Athens and its European creditors was in the works.
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News that new radical Greek government now has a negotiating platform for Finance Minister Yanis Varoufakis to take to his counterparts in the eurozone boosted Greek stocks on Tuesday. But there is plenty of skepticism to go around after hearing the details. The government wants the country's bailout agreement to be overturned, reversing years of budget-balancing austerity policies. However, that austerity deal is required to keep the country's public finances flowing. Tensions are sky-high and, according to news agency MNI, one senior EU official says the situation is "berserk" and that "the Greeks are digging their own graves." Also Tuesday, Varoufakis told Parliament that Athens is not seeking a clash with its EU partners but isn't avoiding one either. "If you're not willing to even consider a clash, you're not negotiating," he said to applause ahead of a confidence vote later on Tuesday. "We're not seeking a clash. We will do everything to avoid it. But you're not negotiating if you've ruled it out." Varoufakis added that the government would not accept any part of the bailout that increased the country's debt, saying that 30% of the aid program was "toxic." According to German Finance Minister Wolfgang Schaeuble, it's "over" for Greece unless they accept current deal. Last week the European Central Bank stopped accepting Greek bonds as collateral in response to Athens abandoning its aid-for-reform program. On Tuesday, ECB Governing Council member Bostjan Jazbec defended the move. "Sometimes we are unfairly made a scapegoat," Jazbec said in an early release of an interview to run in Wednesday's edition of German business daily Handelsblatt. "The ECB cannot solve all problems." Greece's proposal, first reported by the prominent news agency ANA-MPA, will be presented at a meeting of the Eurogroup on Wednesday. These are the main points: A "bridge" agreement on funding (a loan to tide Greece over through the spring and summer) until a wider deal can be negotiated in September. 70% of the current structural reform programme will be completed. 10 further reforms will be agreed with the OECD. Greece will run a 1.5% government primary surplus (raising more in tax than it spends on everything except debt interest), rather than the 3% currently planned. Debt relief — probably in the form of debt swaps Varoufakis has previously proposed. A bundle of measures to ease Greece's social crisis, like subsidized meals for low-income and unemployed families, costing less than €2 billion. Many of the points look quite reasonable. After Tsipras' showdown speech on Sunday, implementing 70% of the planned structural reforms sounds like quite a lot. Pledging to continue running a primary surplus (even one smaller than currently planned) is also a major compromise. It already sounds like the government is making good on its new stance. According to the Wall Street Journal, Greece has backtracked on their privatization policy, with the Journal reporting that the state-owned Port of Piraeus, which was due to be sold off under the last government — a decision Syriza promised to reverse — will now move forward. This would be a massive concession to the rest of Europe. On Tuesday, stocks in Athens gained about 8% as the flood of headlines hit markets: It remains to be seen how open European governments are to these changes. Some, like Finland and Germany, have signaled very little intention of changing course, and even debt swaps (less of a giveaway than the write-offs Greece's Syriza party wanted) may be too much to bear. Either way, Varoufakis is clearly trying to make his programme seem reasonable and considered, leaving any finance ministers who disagree looking like heartless Scrooges. This post was updated at 13:00 ESTJoin the conversation about this story » NOW WATCH: This Video Of The Largest Breakage Of Ice From A Glacier Ever Filmed Is Absolutely Frightening
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Ahead of Wednesday’s meeting of eurozone finance ministers, here’s a quick look at the proposals for “bridge” financing emerging from Athens and how they align with positions in the rest of the currency union and Greece’s financial needs.
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"The market wants to believe there's a Greek deal right around the corner, but there's nothing concrete for the moment and it could take a long time ...
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The Greek government is heading into a tough financial negotiation with European Union partners with overhelming support at home for its positions
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Feb 10 (Reuters) - European Commission President Jean-Claude Juncker held a phone conversation with Greek Prime Minister Alexis Tsipras in a ...
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But the jobless rate for Greek workers under the age of 25 is a staggering 50 percent. Those numbers, fueling the tide of dissent that recently swept the ...
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