By Jan Strupczewski and Renee Maltezou BRUSSELS/ATHENS (Reuters) - Talks on ending a deadlock between Greece and its international creditors broke up in failure on Sunday, with European leaders venting their frustration as Athens stumbled closer towards a debt default that threatens its future in the euro. European Union officials blamed the collapse on Athens, saying it had failed to offer anything new to secure the funding it needs to repay 1.6 billion euros (£1.15 billion) to the International Monetary Fund by the end of this month. Athens insists it will never give in to demands for more pension and wage cuts.
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Sunday, June 14, 2015
Greece and creditors fail in 'last attempt' to reach deal
By Jan Strupczewski and Renee Maltezou BRUSSELS/ATHENS (Reuters) - Talks on ending a deadlock between Greece and its international creditors broke up in failure on Sunday, with European leaders venting their frustration as Athens stumbled closer towards a debt default that threatens its future in the euro. European Union officials blamed the collapse on Athens, saying it had failed to offer anything new to secure the funding it needs to repay 1.6 billion euros (£1.15 billion) to the International Monetary Fund by the end of this month. Athens insists it will never give in to demands for more pension and wage cuts.
Key dates in the Greek debt crisis
October: The Greek government of George Papandreou triggers the crisis by revealing that the national public deficit for 2009 amounts to 12.7 percent ...
'Forget about elections or a referendum' after bailout talks, Greek PM says
ATHENS, Greece - A government official says Greek Prime Minister Alexis Tsipras has told senior aides to "forget about elections or a referendum," ...
Breakdown in talks, as Greece walks out in Brussels. Now what?
The Greek delegation walked out the negotiations with creditors representatives in Brussels on Sunday afternoon. During the meeting that lasted 46 minutes, the Greek side submitted revised proposals but they were considered as “insufficient” by the creditors. A difference gap of 2.6 billion euro remain between the two sides. According […]
German state TV: EC Juncker broke down negotiations with Greece
In Greek debt dispute EU Commission President Jena-Claude Juncker has canceled a mediation attempt. The reason: There was a distinct difference between the plans of the creditors and the plans of Athens. The negotiations with the Greek government to resolve the debt dispute have failed for the time, according to […]
2000 Syrians cross into Greek port “on way to Germany”
Geneva – After being stranded on an island for more than a week, at least 2,000 Syrian refugees arrived to a Greek port on Sunday, media reports ...
"Last Try" Greek Bailout Talks End Without Deal
Source: www.zerohedge.com - Sunday, June 14, 2015 The writing was already on the wall after several EU officials expressed reservations about the feasibility of striking any sort of compromise with Greece’s negotiating team in Brussels on Sunday, and now it’s official. Talks have once again ended with no deal as the Greeks are standing their ground on pension cuts and VAT hikes. #BREAKING Greece bailout talks end with no deal, 'significant gaps' remain : EU — Agence France-Presse (@AFP) June 14, 2015 More color from Bloomberg: Greek govt delegation in Brussels bearing proposals that can bridge gap between country, its creditors on fiscal, financing matters, Greek govt official says in e-mailed statement, asking not to be named in line with policy. Greek govt will not accept cuts to pensions, VAT increases on basic needs goods like electricity. IMF insisting on annual pension cuts of EU1.8b, or 1% of GDP; another EU1.8b of increased VAT revenue: govt official. What this means is that Greece came to Brussels and presented the same "not serious" proposals Tsipras submitted last week. That is, Athens is willing to deal on fiscal targets and is more than willing to accept free money from the EFSF and ESM (which would be used to pay the ECB on July 20) but is not yet desperate enough to concede to pension cuts or VAT hikes. That means there will be no deal for now and all eyes will turn to a scheduled meeting of EU finance ministers on Thursday. As we noted earlier today (and on cAll Related
Papastratos sees tobacco exports rise
Historic Greek tobacco producer Papastratos, now a Philip Morris International subsidiary, has seen its exports revert the company to profits in 2014, and is now launching an ambitious investment plan.
Gov’t must settle for tough measures
The moment of truth for Greece and its lenders is getting closer as the current program expires at the end of June and the country has to repay 1.6 billion euros to the IMF. It is clear the government will have to accept some painful measures to clinch a deal.
Usain Bolt keeps his eye on titles, not records
Usain Bolt is no stranger to Greece. He has come several times before, competing in Athens, Rethymno and Thessaloniki. A few weeks before flying to Beijing to defend his World Championship titles from Moscow 2013, the world’s fastest man tells Kathimerini that his focus may now be firmly on winning the 100-, 200- and 4x100-meter finals this summer and on doing his best to protect his legacy but his plans after retirement in two years’ time include exploring the Greek islands.
Clause holds small shareholders liable for entire company debts
Just as cash flow in the Greek economy has all but dried up, a recent law is seen as erecting obstacles to new investment.
Fiscal summit between Greece, creditors collapses without €7B deal
Doug G. WareATHENS, Greece, June 14 (UPI) -- Talks between Greece and international creditors Sunday -- perhaps Athens' last chance to avoid a default on loan repayments -- collapsed without an agreement.
'Last attempt' to seal Greek deal with creditors fails
BRUSSELS/ATHENS (Reuters) - Talks on breaking a deadlock between Greece and its international creditors broke up in failure on Sunday, with European leaders venting their frustration as Athens stumbled closer toward a debt default that threatens its future in the euro.
Week ahead: Fed’s inflation view awaited
Greece talks with creditors in focus as deadline nears; also Fitbit set to price shares for IPO
Default fears rise as ‘11th-hour’ Greek talks collapse
Athens team walks out after 45 minutes as EU officials reject counterproposal
Greece crisis: Risk of Greek euro exit rises as Brussels talks fail to agree deal
Germany has given its most explicit warning that Greece could leave the eurozone as officials were reported to have failed to hammer out a last-minute deal in Brussels.
Alexis Tsipras hints that Greece is nearing compromise deal on debts
After weekend of intense talks, Greek prime minister is thought to be hopeful of ‘viable’ but tough agreement before bailout accord is due to expireThe Greek leader, Alexis Tsipras, has indicated that his negotiating team is nearing a compromise deal to avert Athens defaulting on its debts and being dumped out of the eurozone.After a weekend of intense talks with EU officials in Brussels, the final bid to keep Greece afloat will boil down to a tug-of-war deal over the country’s staggering debt load, which Athens has insisted must be reduced as the price for further cuts in public spending. Continue reading...
Greece Talks End After 45 Minutes as Focus Shifts to Eurogroup
Last-ditch negotiations in Brussels between Greece and its creditors collapsed after just 45 minutes on Sunday. The latest failure to find a formula to ...
Greece Walks Out of Talks, Rejects Pension, Wage Cuts, Tax Hikes
Facing a looming default and even exit from the Eurozone if it fails to reach a deal with international lenders, Greek negotiators walked out of talks only 45 minutes after they began on June 14, despite warnings the country will go under without more aid. The post Greece Walks Out of Talks, Rejects Pension, Wage Cuts, Tax Hikes appeared first on The National Herald.
Greek Tax Cheats Escape Again
Greece's ruling Radical Left SYRIZA party, which promised to go after tax cheats, has let them escape just as they have under all previous governments. The post Greek Tax Cheats Escape Again appeared first on The National Herald.
Fears Greek deal will not be agreed ahead of eurogroup
There are increasing fears that a last-ditch deal for Greece will not be agreed before Thursday’s key eurogroup meeting. It comes after discussions between Greek officials and negotiators ended prematurely in Brussels on Sunday evening. Informal talks ...
Good Grief, A Reasonable Greek Solution Is Being Proposed, Whatever Next?
That there always was a reasonable solution to the Greek debt problems is obvious. Other countries have been in such situations before and managed to come out of them after all. And if we really think about it Greece itself has been in such situations. And while Greece isn't among [...]
Greece Fails to Agree on Cash-for Reforms Deal with Creditors, Grexit Fears Mount
Greek and EU officials have failed to hammer out a cash-for-reforms deal at the latest round of their talks in Brussels on Sunday. “While some progress was made, the talks did not succeed as there remains a significant gap,” the European Commission said. Cash-strapped Greece is struggling to agree a deal with its international creditors from the Eurozone and the International Monetary Fund before the end of June to unlock crucial bailout financing and avert a default. The BBC quoted a Commission spokesman as saying: "President Juncker remains convinced that with stronger reform efforts on the Greek side and political will on all sides, a solution can still be found before the end of the month." Greece is seeking to unlock bailout funding to avoid defaulting on a EUR 1.5 B debt repayment to the IMF due by end-June. Meanwhile, Germany on Sunday issued its most serious warning yet that Greece could eventually exit the euro zone. “The shadow of a Greek exit from the euro zone is becoming increasingly perceptible,” Bloomberg quoted German Economy Minister and Vice-Chancellor Sigmar Gabriel as saying in an opinion column to be published by Bild newspaper on Monday. “Greece’s game theorists are gambling the future of their country. And Europe’s too.” Spending and overhaul plans presented by the Greek government at Sunday’s talks still remain as much as EUR 2 B a year short of what its creditors have demanded, according to European Commission spokeswoman Annika Breidthardt. No more talks between the left-wing government in Athens and the EU are planned until Thursday’s meeting of euro zone finance ministers in Luxembourg, Breidthardt added.
Italy to ask EU to set up refugee processing camps in Libya
Rome (AFP) - Italy said Sunday it will ask the EU to set up refugee processing camps in Libya, and threatened to 'hurt' Europe should it turn a deaf ear to the crisis on its shores.The country is struggling to accommodate an endless wave of boat migrants, and a crackdown on security at the borders with France and Austria has exacerbated the situation, causing a bottleneck at Italy's train stations.The crisis "should not be underestimated", Prime Minister Matteo Renzi said, as Austria, France and Switzerland expelled asylum seekers back onto Italian soil."Let me be clear, Europe's answers so far have not been good enough," Renzi added.The EU is having difficulty achieving consensus for its proposed migrant distribution plan -- under which 24,000 refugees would be taken in by other countries -- but Italy is hoping an EU summit on June 25-26 will go even further."Redistributing just 24,000 people is almost a provocation," Renzi said."If Europe chooses solidarity, good. If it doesn't, we have Plan B ready. But it would first and foremost hurt Europe," he said, without providing details.Renzi has come under pressure to take a stronger stance with the 28-member bloc, with the anti-establishment Five Star movement suggesting Italy threaten to freeze its EU budget contributions if aid is not forthcoming.- Secret Plan B -"I cannot reveal our Plan B," Interior Minister Angelino Alfano told Sky TG24, "but if Europe is not supportive, it will find itself dealing with a different Italy. We will not accept a selfish Europe."Alfano said he would ask the EU at a meeting of interior ministers on Tuesday for "fair distribution of migrants, camps in Libya and a serious policy on repatriation" of economic migrants.Any such plan for camps would hinge on Libya's opposing factions reaching a political agreement, or Italy convincing the UN to adopt a resolution.Over 57,000 migrants and asylum seekers have been rescued at sea and brought to Italy so far this year -- up from 54,000 at the same time last year -- Renzi said, and Rome wants both a long-term solution and help from other countries now.It wants the EU to forge repatriation deals with African nations and share the cost of returning home would-be economic migrants, who currently make up around 60 percent of those arriving by boat.Renzi will raise the issue with his British and French counterparts when they travel to Milan this week, as well as speaking to European Commission head Jean-Claude Juncker and German Chancellor Angela Merkel.Under the Dublin convention, refugees must apply for asylum in the first country of entry to Europe -- a rule which Italy says is unfair as it leaves Rome to deal with the thousands of migrants washing up on its shores.Greece has also long complained of being left with the same problem.The Dublin convention "should be changed," Renzi said, insisting the current chaos in Libya -- from where many of the boats depart -- is "Europe's responsibility in light of the (military) intervention four years ago" by NATO to help rebels unseat dictator Moamer Kadhafi.The Schengen open borders accord has until now meant those landing in Italy can usually easily travel through neighbouring France, Austria, Switzerland and Slovenia as they seek to make it to Britain, Germany and Scandinavia.But border controls were temporarily reintroduced by Germany last week ahead of hosting the G7 summit.A subsequent tightening of the frontier at the French-Italian border as well, where police have refused entry to people hoping to head to northern Europe, has sparked migrant protests.- Austria, France, Switzerland repel -Some of the men, women and children from Somalia, Eritrea, the Ivory Coast and Sudan said they had initially made it across the border into France by train, but been arrested and escorted back across the frontier by police.Austrian police also announced Sunday they would be returning to Italy 24 African migrants arrested while trying to get to Germany by train.In Switzerland, border police spokesman Attila Lardori said 240 migrants were expelled back to Italy over the weekend, adding that officers on average round up between 30 and 50 migrants a day on trains crossing between Italy and France.The standoff at Ventimiglia on the border with France raised particular concern in Italy, with the anti-establishment Five Star movement saying "Paris is treating migrants like parcels to return to sender: it's shameful." The crackdown has increased pressure on Italy's already overcrowded reception facilities, with hundreds of people sleeping rough in the main train stations in Rome and Milan.As television images showed yet more arrivals by sea, authorities in Milan rushed to convert a warehouse into a centre, while in Rome the civil protection agency set up a temporary tent camp.Migrants sporting scars from wounds suffered in conflict-hit homelands or lawless Libya were tended to by the Red Cross.Around 1,800 people have drowned attempting the crossing so far this year, according to the International Organization for Migration (IOM).Join the conversation about this story »
Greece says ready to resume talks, bridge gap with creditors
"Although during the leaders' meeting Greece was told to negotiate with the institutions, the institutions today said that they were not authorized to ...
Greece talks with EU-IMF creditors end with no deal, 'significant gaps'
With the deal deadline looming on June 18, Greece has failed to reach an agreement during the latest round of bailout talks with EU-IMF creditors. The European Commission has said "significant gaps" still remain.
Dollop of Greek medicine required for “grave” problems in Finland
Finland, long a critic of its fellow eurozone members in the south, now finds itself is a “grave” state, according to its central bank governor. Its economy is struggling in a recession which has been going on for three years and unemployment is predicted by the OECD to rise further this year. Prices in the 5.5 million strong nation have been going up at a much quicker rate than the rest of the eurozone.
EU-Greece Talks on Debt, Bailout Fail to Bridge Gaps
BRUSSELS—Negotiations this weekend between Greece and the European Commission failed to bridge remaining gaps and the issue of the Greek ...
Greece says it won't accept wage, pension cuts, accuses IMF of insisting on a hard line
Greece will never accept cuts in pensions and wages or extra taxes on necessities such as electricity, a government official says.
No Result on Greece After Brussels Talks – Next Stop the Eurogroup Meeting
Negotiations between Greece and creditors in Brussels came to an abrupt halt when the Greek delegation left the meeting just 45 minutes after it started. European Commission President Jean-Claude Juncker’s representative stated that this round of consultations with the institutions has ended without any result. “While some progress was made, the talks did not succeed as there is a significant gap between the Greek authorities plans and the joint requirements of the Commission, the ECB and the IMF in the range of 0.5-1% of GDP, or the equivalent of up to 2 billion of permanent fiscal measures on an annual basis. The Greek proposals remain incomplete. On this basis, further discussion will now have to take place in the Eurogroup,” noted the European Commission’s official statement, referring to the Eurozone Finance Ministers meeting that will be held in Luxembourg on June 18. “President Juncker made a last attempt this weekend in order to find, via personal representatives and in close liaison with Commission, ECB and IMF experts, a solution with Prime Minister Tsipras that would allow for a positive assessment in time for the Eurogroup on Thursday, June 18,” the Commission said. While exiting the European Commission building, Greek State Minister Nikos Pappas was asked by the Financial Times if the short duration of the meeting is a bad sign. The Minister replied “We will see” and smiled. According to the Greek government, the meeting was interrupted due to the creditors’ “unreasonable demands.” As the government explained yesterday, they had delivered additional proposals to the institutions, which covered the fiscal gap and primary surplus issues. However, the Greek government also made it clear that it would never accept pension and wage cuts or increases in power VAT rates.
Greece nearing compromise deal on EU debts, says Alexis Tsipras
After weekend of intense talks Greek prime minister is thought to be hopeful of ‘viable’ but tough agreement before bailout accord is due to expireThe Greek leader, Alexis Tsipras, indicated on Sunday evening that his negotiating team was nearing a compromise deal to avert Athens defaulting on its debts and being dumped out of the eurozone.After a weekend of intense talks with EU officials in Brussels, the final bid to keep Greece afloat will boil down to a tug-of-war deal over the country’s staggering debt load, which Athens has insisted be cut as the price for further cuts in public spending. Continue reading...
Greek bailout talks end without breakthrough in Brussels
BRUSSELS (AP) — The European Commission says that weekend talks to find common ground between international creditors and Greece were unsuccessful and left a wide rift that needs to be closed within two weeks to avoid a possible Greek default.
Greece still ready to negotiate solution with lenders, Deputy PM Dragasakis says
Greek Deputy Prime Minister Yannis Dragasakis said on Sunday that Athens was still ready to negotiate for a solution with its international lenders, even though talks in Brussels ended in failure. Dragasakis said Greek government proposals had fully covered the ...
No breakthrough in weekend talks between Greece and lenders
Talks between Greece and its lenders ended with no breakthrough on Sunday evening in Brussels, with Thursday’s meeting of eurozone finance ministers now being identified as the next opportunity for an agreement to be reached on the measures needed for Athens to receive another 7.2 billion euros in bailout funds and avoid a potential default.
‘Last try’ Greek bailout talks cut short
EU official says Greek counterproposal was not adequate for a compromise deal
'No deal' with Greece as talks in Brussels fail
The latest round of talks between Greek and EU officials in Brussels has failed to reach an agreement, despite Greece submitting a counter-proposal. A European Commission spokesman said while that progress was made on Sunday, "significant gaps" remained.
Greece rejects pension and wage cuts, VAT hike on power
Greece is trying to agree a cash-for-reforms deal with the European Union and IMF before the end of the month, when it faces a debt default unless it ...
Greeks seek debt relief as Europe turns toward confrontation
The toughest language came not from Greece's long-standing conservative critics but from German Social Democrat chief Sigmar Gabriel, who until ...
Greece Isn't Going To Become The Next Zimbabwe, Not Even The Next Venezuela
The Greek situation isn't looking good for those who hope for a deal which leaves Greece both inside the euro and also able to deal with its mountain of debt. However, it's all a bit much to then decide that Greece will thus be condemned to become the sort of [...]
EU Commission says Greek proposal no good, euro ministers to decide
"While some progress was made, the talks did not succeed as there remains a significant gap between the plans of the Greek authorities and the joint ...
Greece bailout talks end with no deal, 'significant gaps' remain: EU
Crunch bailout talks between Greece and its EU-IMF creditors ended without a deal on Sunday, with "significant gaps" still remaining, a European Commission spokesman told AFP.
Continued brinkmanship poses "significant risk" of accidental Greek default
The brinkmanship between Greece and its creditors accelerated further again last week when the IMF removed itself from part of the ongoing talks ...
Senior official says Germany won't be blackmailed by Greece
Greece said Friday it would present its creditors with new proposals over the weekend in an attempt to breathe life into stalled bailout talks amid fears ...
Greece Told to Back Down on Debt Demands by Creditors
“Greece's creditors – its fellow eurozone states, the European Central Bank and the IMF – want the country to commit to new economic reforms before ...
German vice-chancellor says patience with Greece is running out, Berlin won't be blackmailed
Germany's Economy Minister Sigmar Gabriel says his country won't let itself be blackmailed into a bailout deal with Greece.
Democracy vs Banks
Greece and the new Tsipras government have been facing a brutal attack by international creditors. A classic economic war has ensued between a lender and a borrower; with the lender attempting to assert his authority and the borrower demanding loan renegotiation to meet the economic crisis of the present! Under fair-minded lending practices such restructuring variance would have been possible in order to assist the borrower not to default on his loan obligations. Not in this case. The IMF used similar harsh tactics against Argentina and Iceland, and in both cases it failed to impose its economic might and was kicked out. In fact, destroying economies through austere practices destroys incentives and produces a vicious cycle of poverty rather than growth. The right to make profit cannot outweigh the right not to create poverty and suffering. That’s where a good government comes in; to provide the balance between banking behavior and the protection of citizens against bad banking practices. The time has come when banks must start to behave responsibly. If not stopped through legislation and strict terms of practice, why should they behave differently? The public perception that one “does not and cannot trust banks” is now common knowledge. Unfortunately, citizens and industry are trapped because banks are given the power to dictate the terms of practice to their own advantage. Imposed fines running into billions for corruption and bad practices against such “pillars of society” have not worked so far. It seems that fines do not work; but losing licenses would have a serious effect on shareholder profit margins. If those money-lenders did provide loans by sharing the risk of lending, there would be a good deal less shameless money-lending practices today. The exploitation of the vulnerable by such rich conglomerates should be treated as a crime against humanity and not be swept under the carpet as most governments do. Banks have shown they are incapable of behaving reasonably and couldn’t care less about anything other than making profit. Such shameless acts of exploitation is the very cause of revolutions. When people lose their trust in a system or in their own governments, one can understand the reasons why they spill onto the streets demanding fairness and justice. Today, many nations face turbulent economic and social crises never experienced before and the question arises as to: why? Certainly something has gone terribly wrong in the social and economic structure. Yet those who could make a difference, do not wish to get off the gravy train. Both Greece and Cyprus were used by the international banking cartel as scapegoats of things to come. If successful, the same formula would be applied against other countries but especially within the EU. A two-tier European Union has now been established. That in itself breaks the very essence and spirit of equality within the EU institution. The current EU inequality is purely motivated by banking institutions, and the Troika are their foot-soldiers. They are the troopers to bring about the economic colonization of nations through loan dependency. The most powerful authority in the EU meant to regulate lending practices is none other than the European Central Bank. Yet, it refuses to accept any responsibility and turns a blind eye to profit-motivated bank irregularities within the Eurozone and that’s precisely what happened to Greece and Cyprus; both nations are now on the brink of collapse due to bad banking practices and corruption. The fact that banks kept lending money to Greece and Cyprus knowing the borrower was incapable of repaying those loans prompts many questions as to: why? What was the reason behind such bad lending practices and why did the ECB allow this to continue? It’s like offering more and more poison to a poisoned patient that will never recover. Meanwhile, the massacre has begun; properties are being repossessed by banks and sold to hedge funds at rock bottom prices. In the next few years one will see the rise of homelessness becoming a serious social problem with unprecedented results. Where is Cyprus heading? Do we actually have a government to govern the country in the interest of the people? Unfortunately, Cyprus lost that right the day politicians voted to join the EU. That one misguided decision has now come back to haunt them. When a nation abandons the right to govern the country and control its own currency and interest rates, there is no nation but a province. Recent developments show that the government in Cyprus no longer governs the country but international bankers do. Not only does the Troika dictate social and economic policies in Cyprus but top banker Mr. Mario Draghi, President of the European Central Bank, has forbidden the Cypriot President to investigate the Central Bank of Cyprus for bad practices linked to the financial ruin of the country. President Anastasiades and the Attorney General complied and ordered police to immediately stop investigating the matter further. Many would ask: who runs the country, an elected government or an unaccountable banker? Such action is not only inexcusable but also incomprehensible. It’s truly a very dark day for democracy when a bank manager gives orders to an elected government and that government succumbs to those demands without resistance. It’s no wonder the Tsipras government is under so much attack; it chose to resist – unlike the Cypriot government – to stand up against those banking institutions – a good day for democracy!
2,000 Migrants Travel by Ferry from Mytilene to Piraeus
Around 2,000 migrants and refugees arrived at the Piraeus port on Sunday morning, June 14, with ferries from the Greek island of Mytilene. The migrants and refugees who mainly originated from Syria were trapped at the port of Mytilene and in reception centers and temporary stay on the island due to delays in necessary paperwork. Starting early on Saturday evening until this morning, the Mytilene harbor area was evacuated and all migrants and refugees were transferred to a reception center, where the necessary documents were issued. Greek Police and Coast Guard made great effort to accomplish the goal. In the end, the 2,000 migrants and refugees were divided in two groups and transferred to the Piraeus port with two ferries. Upon their arrival, they headed to Omonoia Square, where they were they were left with no shelter or financial aid. At this moment, no measures have been taken in order to address the situation. Over the past year, the number of illegal migrants and refugees who arrive in Greece from the Turkish coast has continuously increased. The situation has caused problems in several Greek islands, since they have no capacity to host the incoming migrants.
A Grexit would be extremely dangerous, Faymann says
Austrian Chancellor Werner Faymann said that "Greece's exit from the eurozone would be linked with unpredictable side effects." I can't predict the future but I clearly state to whoever speculates on a Grexit that it is extremely dangerous" he ...
Syriza Left demands 'Icelandic' default as Greek defiance stiffens
The radical wing of Greece's Syriza party is to table plans over coming days for an Icelandic-style default and a nationalisation of the Greek banking ...