How the world sees Greece
The reopening of a border crossing used by communist general Markos Vafiadis during Greece’s civil war and the restoration of a 19th century railway service are two of 11 confidence-building measures discussed between Greece and Former Yugoslav Republic of Macedonia (FYROM), which remain estranged over a name dispute.
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Greece's biggest oil refiner Hellenic Petroleum has enough fuel reserves to last for many months to meet market demand, and its refineries are operating normally, the company said in a statement on Sunday.
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Greek Prime Minister Alexis Tsipras should scrap plans for a referendum on the terms of a cash-for-reforms deal offered by its creditors and try to form a national unity government, the main opposition leader Antonis Samaras said on Sunday.
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ATHENS (Reuters) - The Greek financial stability council has recommended keeping Greek banks shut for the next six working days, a source with knowledge of the decision said on Sunday. Prime Minister Alexis Tsipras earlier announced a bank holiday and capital controls after Greeks responded to his surprise call for a referendum on bailout terms by pulling money out of banks. "Yes, the recommendation was for six days," the source said. (Reporting by George Georgiopoulos; writing by Matthias Williams)
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By Noah Barkin BERLIN (Reuters) - "If you break it, you own it," former U.S. Secretary of State Colin Powell warned President George W. Bush before his invasion of Iraq. Whether it will ever be fair to blame Angela Merkel for "breaking" Greece is debatable. Unlike her finance minister, Wolfgang Schaeuble, who sent abundant signals in recent months that he could accept a euro zone that does not include Greece, Merkel has been determined to avoid such an outcome, according to her closest advisers.
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The Greek government’s decision to hold a July 5 referendum on a proposal put forth by international creditors triggered an acceleration of deposit outflows, leading to a bank run over the weekend.
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Alternate Minister for Citizens’ Protection Yiannis Panousis held several meetings with officials of the Greek police (ELAS) over the weekend in a bid to increase patrols around the country amid concerns of social unrest following recent political developments.
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The Capital Market Commission is expected to announce in the early hours of Monday the closure of the Greek stock exchange for at least a week, as financial activity in the country grinds to a halt.
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Ferries will be operating normally on Tuesday as Greece’s seamen have decided to call of their strike due to the latest political and economic developments.
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Top US officials waded in at the weekend to try to help resolve Greece's financial woes, urging Europe and the International Monetary Fund to come up with a recovery plan that keeps the country in the eurozone.
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Cyprus's finance minister says his own bailed-out country could consider writing off 330 million euros ($370 million) in rescue loans to Greece if there is a deal with other euro area member nations to lighten the country's debt load.
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On Sunday evening, as night fell, a storm passed, just as news filtered out of the government’s decision. When this round of negotiations began to secure the last disbursement of bailout cash, few imagined a day when enforced bank holidays and the closure of the Athens stock market would be considered necessary. But now the Stability Committee has deemed it prudent to prevent too much cash from ebbing out of the Greek banking system after the European Central Bank decided not to raise the level of its assistance.
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The Greek financial stability council has recommended keeping automated teller machines (ATMs) shut on Monday and limiting withdrawals to 60 euros (£42) a day once they reopen on Tuesday, a source who took part in the council's meeting told Reuters. Foreign card holders will be allowed to withdraw the maximum limit set by their banks, the source said on Sunday. Prime Minister Alexis Tsipras earlier announced a bank holiday and capital controls after Greeks responded to his surprise call for a referendum on bailout terms by pulling money out of banks.
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Greece’s government says banks will stay closed until after snap referendum, while stock exchange shut on Monday and cash machine withdrawals limited Greeks will on Monday morning find their savings blocked and their banks closed for a week following a fateful weekend that has shaken Europe’s single currency.The Greek government decided on Sunday night it had no option but to close the nation’s banks on Monday after the European Central Bank (ECB) raised the stakes by freezing the liquidity lifeline that has kept Greek banks afloat during a six-month run on deposits. Continue reading...
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In view of the current financial crisis, the German government has issued an unusual advisory regarding Greece. A statement posted on the website of the German Foreign Office on Sunday instructed German citizens planning to travel to Greece on vacation this summer to “take sufficient amounts of cash” with them. It warned that people seeking to withdraw cash from ATMs in Greece should be prepared to for long waits in line. It also cautioned that Greek banks may have difficulty in keeping the cash-dispensing machines filled with euros. It also advised travelers to Greece to follow the media and keep apprised of developments as they evolve during their stay, and to return to the Foreign Office’s website for further updates. The statement came a day after the latest bailout negotiations between the Greek finance minister, Yanis Varoufakis, and the country’s creditors in Brussels broke down without an agreement and moved Athens a step closer to going bankrupt. Germany wasn’t the only European country to warn its citizens to take plenty of cash with them if they choose to visit Greece. The foreign offices of Britain, the Netherlands, Sweden, Denmark and Finland are among those that have issued similar advisories. (Source: DW)
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International Monetary Fund Managing Director Christine Lagarde said in an interview with BBC on Sunday that her institution will not step forward to provide additional financial assistance to Greece, if the Greek government miss its €1.5 billion ($1.7 billion) payment on June 30. “I can’t speak for the IMF program, because the IMF program is on, but the European financial arrangement expires on June 30th,” IMF chief stated. Commenting on Greece’s referendum that is scheduled for July 5 to challenge Greek voters on international creditors’ proposals she said: “So, at least legally speaking, the referendum will relate to proposals and arrangements that are no longer valid.” Christine Lagarde also disclosed that the International Monetary Fund would not support Greek banks by offering immediate liquidity, essential for the country’s economic obligations toward the European Central Bank (ECB) and the Bank of Greece. Lagarde also mentioned that talks between Athens and its lenders could only be revived if Greek voters defy their leadership supporting this way their stay in the euro zone. “If there was a resounding ‘yes, we want to stay in the euro for good, we want to be part of that, we want to restore the status of the economy, we want to be sustainable in the long run,’ there would be a resounding ‘let us try,’” she explained.
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The European Commission offered a statement on the final hours before the negotiations with Greece and its creditors broke up. According to the statement a “comprehensive deal could be formally finalized and presented to the Eurogroup due to the unilateral decision of the Greek authorities to abandon the process on the evening of 26 June 2015.” Here’s the full statement by the European Commission: In the interest of transparency and for the information of the Greek people, the European Commission is publishing the latest proposals agreed among the three institutions (European Commission, European Central Bank and International Monetary Fund), which take into account the proposals of the Greek authorities of 8, 14, 22 and 25 June 2015 as well as the talks at political and technical level throughout the week. Discussions on this text were ongoing with the Greek authorities on Friday night in view of the Eurogroup of 27 June 2015. The understanding of all parties involved was that this Eurogroup meeting should achieve a comprehensive deal for Greece, one that would have included not just the measures to be jointly agreed, but would also have addressed future financing needs and the sustainability of the Greek debt. It also included support for a Commission-led package for a new start for jobs and growth in Greece, boosting recovery of and investment in the real economy, which was discussed and endorsed by the College of Commissioners on Wednesday 24 June 2015. However, neither this latest version of the document, nor an outline of a comprehensive deal could be formally finalized and presented to the Eurogroup due to the unilateral decision of the Greek authorities to abandon the process on the evening of 26 June 2015. See the latest proposal submitted by the creditors to Greece below: Powered by PdfSR.com Download Document
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Capital controls have being imposed in Greece, as without the ECB’s help the financial crisis deepens. Greek Finance Minister Yanis Varoufakis announced that banks will stay closed until July 7, while a source said that capital controls will allow citizens to withdraw 60 euro per day maximum. Greek Prime Minister Alexis Tsipras said in a televised message that the Greek central bank has been forced to recommend a bank holiday and the introduction of capital controls. He slammed the ECB, and other institutions, for trying to obstruct the democratic referendum he has called for next Sunday. This is a “insult” that shames European democracy, he noted.
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According to Nobel Prize-winning economist Paul Krugman, Greece seems to be doing the best thing it can under the current circumstances. Krugman thinks that Greek Prime Minister Alexis Tsipras is acting wisely because he has decided not to reach a decision single-handedly. In reality, his way forces his own government and the Greek people to make the tough decision with him, via a referendum. “Until now, every warning about an imminent breakup of the euro has proved wrong. Governments, whatever they said during the election, give in to the demands of the troika; meanwhile, the ECB steps in to calm the markets. This process has held the currency together, but it has also perpetuated deeply destructive austerity — don’t let a few quarters of modest growth in some debtors obscure the immense cost of five years of mass unemployment,” Paul Krugman wrote in his article, entitled “Europe’s Moment of Truth,” that was published in New York Times. You can read the rest of the Paul Krugman’s thoughts about the recent developments in Europe here.
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As Athens’ standoff with the European Commission, the International Monetary Fund, and the European Central Bank is taken to a dangerous new level, German Chancellor Angela Merkel has reportedly invited leaders of Germany’s major parties to a meeting in Berlin on Monday to discuss the latest developments in Greece, Athens News Agency reported. According to the German national weekly newspaper Die Zeit, the meeting is not expected to bring about any specific decisions, while sources close to Germany’s government revealed that Chancellor Merkel is ” fully involved in diplomacy on the crisis.” Meanwhile on Friday, Angela Merkel accused Greece of taking “regressive” steps, telling her MEPs that Berlin would not be “blackmailed” by the debtor’s demands.
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ATHENS, Greece (AP) — The latest developments on Greece's bailout negotiations (all times local):
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Greece's prime minister says the country will close its banks and introduce capital controls in a bid to avert a financial collapse. Earlier, the ECB decided to maintain emergency funding to Greece's banking system.
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We got confirmation about two things last week: 1) the US housing market is gaining momentum, and 2) the American consumer is spending more than we think. This week we'll get the June jobs report, which everyone expects to reflect a healthy labor market. For now, the eyes of the world fall on Greece, where uncertainty has exploded in the past few days. Here's your Monday Scouting Report: Top Stories Greece. The financial crisis in Greece has come to a head. The country is days away from a major debt payment that it cannot pay. Meanwhile, panicked Greeks have drained ATMs of whatever cash they can get.On Sunday, news broke that Greek banks and the Athens Stock Exchange would be closed on Monday. Greek Banks are expected to remain closed through July 5, when Greek Prime Minister Alexis Tsipras has called for a referendum to vote on the latest terms of a bailout agreement set forth by Greece's creditors. "We don’t see any good outcome from the referendum," Morgan Stanley's Daniele Antonucci and Elga Bartsch said of the referendum. "Even if it’s a ‘yes’, the current government could be in jeopardy and a period of political limbo might follow, while its credibility with the creditor institutions remains at rock-bottom. The decision to hold this referendum seems to imply Greece sliding towards Grexit, even though there are no legal provisions for a country to leave." Economic Calendar Pending Home Sales (Mon): Economists estimate the pace of sales climbed 1.4% in May. Here's Bank of America Merrill Lynch: "This measure of home sales has been rising steadily since January despite the harsh winter weather. This therefore set up for a solid selling season. The improvement in pending home sales has been supported by a gain in mortgage applications and new home sales." Dallas Fed Manufacturing Activity (Mon): Economists estimate this regional manufacturing activity index improved to -15.5 in June from -20.8 in May. "Manufacturing measures have diverged in June," UBS's Kevin Cummins said. S&P/Case-Shiller Home Price Index (Tues): Economists estimate home prices increased by 0.9% month-over-month in April, or 5.5% year-over-year. Here's Bank of America Merrill Lynch: "Given the challenges seasonally adjusting the data, we think there was an upward bias in the winter months and downward bias in the spring and summer. This suggests we might see a string of weak monthly growth rates. We therefore advise caution when analyzing the monthly changes and advise focusing on the yoy growth rate." Chicago Purchasing Managers Index (Tues): Economists estimate this regional activity index jumped to 50.4 in June from 46.2 in May. From Deutsche Bank: "In principle, the auto industry’s proximity to Chicago should be a source of strength. In May, motor vehicle sales totaled 17.8 million units, the best showing since July 2005 (20.7 million)." Consumer Confidence Index (Tues): Economists estimate the Conference Board's index of sentiment climbed to 97.0 in June from 95.4 in May. From BNP Paribas: "The pace of payrolls growth continues to impress. While equities and gasoline prices have been relatively flat, the employment boost is expected to continue to buoy confidence in June." Vehicle Sales (Wed): Analysts estimate US automakers sold vehicles at an annualized rate of 17.2 million units in June. From Nomura: "Vehicle sales surged at their highest pace in almost 10 years in May on low gasoline prices fueling sales of SUVs and pickup trucks, and more favorable financing options lowering the barrier to entry for households." ADP Employment Change (Wed): Economists estimate US companies added 215,000 private payrolls in June. Markit US Manufacturing PMI (Wed): Economists estimate this manufacturing PMI registered at 53.4 in June, down from 54.0 in May. "While the survey data points to the economy rebounding in the second quarter, the weak PMI number for June raises the possibility that we are seeing a loss of momentum heading into the third quarter," Markit's Chris Williamson said. Construction Spending (Wed): Economists estimate spending climbed by 0.5% in May. Here's HSBC: "Growth in public sector construction is likely to remain subdued this year. Growth in private non- residential construction should pick up in Q2, supported by strong increases in March and April. Trends in residential construction have been mixed. Growth in single-family construction has been fairly slow, but home improvement activity may pick up over the next several months due to a pick-up in home sales since the start of the year." ISM Manufacturing (Wed): Economists estimate the ISM index climbed to 53.1 in June from 52.8 in May. Here's Credit Suisse: "With global growth momentum currently rebounding, we anticipate ISM to continue to accelerate going into the summer. The new orders index, which tends to lead the headline number, printed a robust 55.8 last month. And although regional surveys have been mixed the general trend is clearly positive. Auto production schedules are also pointing to a strong pickup in June." Initial Jobless Claims (Thurs): Economists estimate initial claims increased to 270,000 from 271,000 a week ago. The Jobs Report (Thurs): Economists estimate US companies added 230,000 nonfarm payrolls in June, bringing the unemployment rate down to 5.4%. Average hourly earnings are estimated to have increased by 0.2% month-over-month in June, or 2.3% year-over-year. Factory Orders (Thurs): Economists estimate order fell 0.5% in May. From Barclays: "The advance report on durable goods revealed that orders for durables fell 1.8% m/m, as a 35.3% m/m drop in nondefense aircraft orders outweighed modest 0.5% m/m growth non-transportation equipment. Prices, historically the best indicator for orders of nondurable goods, rose solidly in June on a seasonally-adjusted basis. As a result, we look for 1.6% m/m growth in nondurable goods to offset the decline in durables and leave total factory orders flat on the month." Market Commentary The consensus among market experts is that the latest developments in Greece are one-sidedly negative. And this is largely so as the sentiment as of Friday was that Greek and other European leaders would be able to cobble together a last minute deal. Here's Nomura's Jens Nordvig: "Against this background, we clearly have a negative outcome on our hands. The risk of a bad outcome, involving breakdown in currency convertibility (i.e., the route to Greek exit from the Eurozone) has clearly risen, perhaps to above 50%. We note, however, that even what happens after a YES and a NO is highly uncertain; hence, it is all about probabilities and uncertainty, rather than something truly binary. While the likely direction of risk assets, and peripheral bonds is fairly clear (down). The impact on the euro is less clear cut. We have observed in recent weeks, that the correlation between the euro and Greek news has become unstable. This in itself is important, as many will be reluctant to trade in the open." Here's Allianz's Mohamed El-Erian: "Investors in Greek securities need to brace for a sharp selloff in the stock market, with bank shares particularly hard hit. Fixed income will not be spared. Yields on Greek government bonds are likely to soar as investors price in higher default risk. The extent to which this spills over and disrupts other markets is function of what European officials do to strengthen the firewalls that limit financial and technical contagion. Should nothing new be announced by the time markets open on Monday, yields on peripheral European bonds (including Italy and Portugal) would widen, the prices of corporate and emerging market bonds would also fall, and equities would decline around the world. This would be accompanied by a flight to quality, compressing yields on German and US government bonds."Join the conversation about this story » NOW WATCH: How to invest like Warren Buffett
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The Financial Times has spoken, and Greek prime minister Alexis Tsipras is the one to blame for the current debacle unfolding in Greece. In an editorial from the FT posted Sunday, the paper argues that Tsipras has not only overplayed his hand, but may now be misleading his people on just what is at stake in Greece's July 5 referendum. On Friday night, Tsipras made a surprise announcement calling for a vote on the latest proposed terms of a bailout extension from Greece's creditors. This move led to a breakdown in talks on Saturday and has set Greece on a course to missing its scheduled payment of €1.6 billion to the IMF on Tuesday. But as the FT notes, calling for this referendum for a date after when Greece was sure it would still have funding is not what Tsipras thinks it is. As the FT writes: His tactic has already come unstuck because the eurozone has refused to consider extending their bailout offer to the date of the poll. By Sunday, when the referendum votes are due to be cast, there may be no deal on the table to discuss. Nor has Mr Tsipras been candid about the meaning of the "resounding no" vote he is calling the electorate to deliver on a question that has yet even to be defined. The FT adds that the Greek referendum will not be a vote on a bailout agreement but, "a vote for the euro or the drachma — no more, no less." And so in the FT's view, Tsipras has called for, and marketed, a pending referendum vote as being about one thing — a new bailout agreement — when it is actually about another — a Greece exit from the euro. As it stands, Greece is looking at default and Greek banks are now set to remain closed until at least the July 5 referendum. Later on Sunday night — and after the FT editorial was published — Tsipras spoke on Greek television and sought to assure Greek citizens that their deposits are safe. Lines outside Greek ATMs, however, have been long all weekend. Concluding its piece, the FT takes a swipe at leaders across the eurozone, noting that now, with little remaining between Greece and default, it has been seemingly left to Mario Draghi and the European Central Bank to save the day. "The threat to the euro has always been a soluble problem cloaked in an aura of political impossibility," the FT writes. "But with each day, both sides seem more willing to indulge in blame shifting rather than constructive engagement. Greece now stands on a precipice. It is increasingly hard to detect the path of retreat." Read the full piece here »SEE ALSO: Greek banks will be closed on Monday Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants
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Reports financial institutions may remain closed all week
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He charged that decision precluded ECB from raising liquidity for cash-strapped Greek banking system
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Hugo Dixon exchange with Peter Spiegel
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Greek Prime Minister Alexis Tsipras announced Sunday that the country's crisis-hit banks will be shut on Monday and capital controls imposed to prevent withdrawals, after cash machines ran dry.
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President Obama and German chancellor Angela Merkel agreed that it is "critically important" for Greece to remain in the euro. The two spoke on the phone on Sunday as the situation in Greece has grown increasingly chaotic over the last 48 hours. In a statement, the White House said, "The leaders affirmed that their respective economic teams are carefully monitoring the situation and will remain in close touch." "The two leaders agreed that it was critically important to make every effort to return to a path that will allow Greece to resume reforms and growth within the euro zone." On Sunday, news broke that Greek banks would be closed on Monday and remain closed until at least July 5, when Greece is scheduled to hold a referendum on the latest bailout proposal from its European creditors. Greek prime minister announced the referendum in a surprise announcement on Friday night. It now looks like Greece will miss a €1.6 billion payment to the IMF due on Tuesday and appears as close to a "Grexit" as it did during the eurozone crisis of a few years ago. Additional reporting by Reuters.SEE ALSO: Greek banks will be closed on Monday Join the conversation about this story » NOW WATCH: 6 scientifically proven features men find attractive in women
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Greek prime minister Alexis Tsipras addressed the nation on Sunday night and, in an effort to temper anxiety in Greece, quoted former US president Franklin Delano Roosevelt. In a televised comments, from which Tsipras tweeted highlights later on Sunday, Tsipras said, "In these critical hours, we must remember that the only thing to fear is fear itself." In a series of tweets sent following his TV address, Tsipras said that, "what's needed is patience and composure. The bank deposits of the Greek people are fully secure." Tsipras added, "The same applies to the payment of wage and pension — they are also guaranteed." Taking a dig at the European creditors Tsipras and his government have been so critical of throughout this process, he added that, "The dignity of the Greek people in the face of blackmail and injustice will send a message of hope and price to all of Europe." Here is the full collection of Tsipras' tweets: The recent decisions of the Eurogroup & ECB have only one objective: to attempt to stifle the will of the Greek people. #Greece — Alexis Tsipras (@tsipras_eu) June 28, 2015 They will not succeed. The very opposite will occur: the Greek people will stand firm with even greater willfulness. #Greece — Alexis Tsipras (@tsipras_eu) June 28, 2015 In the coming days, what's needed is patience and composure. The bank deposits of the Greek people are fully secure. #Greece — Alexis Tsipras (@tsipras_eu) June 28, 2015 The same applies to the payment of wages and pensions--they are also guaranteed. #Greece — Alexis Tsipras (@tsipras_eu) June 28, 2015 In these critical hours, we must remember that the only thing to fear is fear itself. #Greece — Alexis Tsipras (@tsipras_eu) June 28, 2015 The dignity of the Greek people in the face of blackmail and injustice will send a message of hope and pride to all of Europe. #Greece — Alexis Tsipras (@tsipras_eu) June 28, 2015 On Sunday, news broke that Greek banks and the Athens Stock Exchange would be closed on Monday. Greek Banks are expected to remain closed through July 5, when Tsipras has called for a referendum to vote on the latest terms of a bailout agreement set forth by Greece's creditors. In his first inaugural address after taking office in 1932, at the height of the Great Depression, FDR said, famously, "So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance." SEE ALSO: Greek banks will be closed on Monday Join the conversation about this story » NOW WATCH: Watch a pilot squeeze his plane through this skinny canal in Greece
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We've got our first look at markets after a weekend full of Greek drama, and to start things off the euro is getting slammed. In very early trading on Monday is Sydney, the euro dropped more than 1% to $1.1029 against the dollar, according to Bloomberg. The euro closed at $1.1167 against the dollar on Friday. The euro was also down as much as 2.5% against the Japanese yen. EURJPY splat. pic.twitter.com/2az5SX9f4A — Joseph Weisenthal (@TheStalwart) June 28, 2015 Over the weekend, we were bombarded with news out of Greece, but most significantly we learned that on Monday, Greek banks will be closed. This "bank holiday" will reportedly be in effect through July 5, when Greece has scheduled a referendum to vote on the latest bailout proposal from its European creditors. Futures in the US won't open for a few hours, so we're still on hold a bit until we get a bigger picture of what markets are doing in the wake of the Greece news. But right now, markets aren't looking too thrilled about the news. SEE ALSO: Greece is in a lose-lose situation Join the conversation about this story » NOW WATCH: 12 awesome facts about WWE superstar Brock Lesnar
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Greece's prime minister says the country will close its banks and introduce capital controls in a bid to avert a financial collapse. Earlier, the ECB decided to maintain emergency funding to Greece's banking system.
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President Obama spoke Sunday with German Chancellor Angela Merkel on how to handle Greece’s debt crisis with its international lenders, the Hill reported. In the phone call, Obama and Merkel agreed that it is “critically important to make every effort to return to a path that will allow Greece to resume reforms and growth within […] The post Obama and Merkel: Gremainder is “Critical” appeared first on The National Herald.
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On Monday, June 29, there will be a Solidarity with Greece demonstration at 6:30 pm in front of the Greek Consulate in Chicago, 650 North St. Clair Street (just north of the Loop). A link to the event is: https://www.facebook.com/events/115858132085050/ There will also be one in Astoria, NY on July 1. That link is: https://www.facebook.com/events/1463548867294456/ The post Chicago, NY Stands with Greece appeared first on The National Herald.
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The banks in Greece will be closed Monday, Jun. 29 and possibly all week, the Telegraph reported, and the Athens Stock Exchange will be closed at least on Monday as well. The Greek Financial Stability Council meeting, has reportedly agreed to impose capital controls. This is all a reaction to the run on ATMs by […] The post Banks to Close Maybe All Week; Tsipras Echoes FDR: “The Only thing to Fear is Fear Itself” appeared first on The National Herald.
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ATHENS — In an ominous sign Sunday that Greece is speeding toward a banking collapse, Prime Minister Alexis Tsipras announced that Greek banks will be closed Monday amid last-ditch discussions about his nation’s economic future. Read full article
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Alexis Tsipras says the deal his European partners, principally Germany, and the IMF want Athens to agree to is “humiliating” and “undemocratic”. To “prove” his point, the Greek Prime Minister is organising a referendum on it fully four days after the latest repayment to the IMF falls due. By then, with a run on the Greek banks already well under way, it may be too late anyway.
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The cash-strapped country faces a banking crisis, as Greeks scramble to withdraw money ahead of a possible debt default
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BERLIN—Athens implored Europe over the weekend to support a Greek referendum next Sunday on creditors' bailout proposals, but much of the ...
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By Lefteris Papadimas and John O'Donnell ATHENS/FRANKFURT, June 28 (Reuters) - Greek banks and the stock exchange will be shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level. Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday. The ECB had made it difficult for the banks to open on Monday because it decided to freeze the level of funding support it gives the banking system, rather than increasing it to cover a rise in withdrawals from worried depositors. Amid drama in Greece, where a clear majority of people want to remain inside the euro, the next few days present a major challenge to the integrity of the 16-year-old euro zone currency bloc. The consequences for markets and the wider financial system are unclear. The head of Piraeus Bank, one of Greece's top four banks, speaking after a meeting of the country's financial stability council, said banks would be shut on Monday while a financial industry source told Reuters the Athens stock exchange would not open. "It is a dark hour for Europe....nevertheless from where we're sitting we have a clear conscience," Greek Finance Minister Yanis Varoufakis said earlier in an interview with the BBC. Asked whether Greece would close banks and impose capital controls he said: "This is a matter that we'll have to work overnight on with the appropriate authorities both here in Greece and (with the ECB) in Frankfurt." Prime Minister Alexis Tsipras will meet with his cabinet at 1700 GMT on Sunday. Varoufakis and Central Bank Governor Yiannis Stournaras said there would be announcements afterwards. Greece's left-wing Syriza government had for months been negotiating a deal to release funding in time for its IMF payment. Then suddenly, in the early hours of Saturday, Tspiras asked for extra time to enable Greeks to vote in a referendum on the terms of the deal. Creditors turned down this request, leaving little option for Greece but to default, piling further pressure on the country's banking system. The creditors want Greece to cut pensions and raise taxes in ways that Tsipras has long argued would deepen one of the worst economic crises of modern times in a country where a quarter of the workforce is already unemployed. Pro-European Greek opposition parties have united in condemning the decision to call the referendum on the bailout terms, but people on the streets of Athens backed the decision. "I want him (Tsipras) to knock his fist on the table and to say 'enough!'," said resident Evgenoula. Many leading economists have voiced sympathy with the Greek government's argument that further cuts in spending risk choking off the growth which would give Greece some prospect of servicing debts worth nearly twice its annual national income. The IMF has pressed European governments to ease Athens' debt burden, something most say they will only do when Greece first shows it is trimming its budget. STOCKING UP ON CASH Long lines formed outside many ATMs on Sunday, including some of 40 to 50 people outside some in central Athens. The Bank of Greece said it was making "huge efforts" to ensure the machines remained stocked. The German foreign ministry said tourists heading to Greece should take plenty of cash to avoid possible problems with local banks and some tourists said they were joining the ATM queues. "I am trying to go over to the bigger banks," said Cassandra Preston, a Canadian tourist. "I am here for another month and I would like to make sure I have some cash on me." The ECB has kept the banks afloat in recent days with increases in its funding line, a form of overdraft with the euro zone's central bank system. But on Sunday it said it would hold the funding line at the same level as Friday, despite the deposit outflows. The central bank said it was monitoring the situation and stood ready "to reconsider its decision." There is growing opposition to the funding line because it would fall to the bloc's other members to pay if Greece were to leave the euro zone. In economic powerhouse Germany, other southern states that have suffered austerity in return for EU cash and poor eastern countries with living standards much lower than Greece's, many voters and politicians have run out of patience. German Finance Minister Wolfgang Schaeuble openly questioned the solvency of Greek banks - a key condition to qualify to receive such finance. "The ECB has always said that as long as Greek banks are solvent, then emergency loans, the ELA, can be granted," he said on Saturday. "And now there is naturally a new situation that because of the developments the liquidity and solvency of Greek banks, or some Greek banks, could be in doubt." German Chancellor Angela Merkel has invited leaders of all the major German parties to a meeting in Berlin on Monday to discuss the crisis. DEAL STILL POSSIBLE The 18 other countries sharing the euro countries have blamed Greece for breaking off negotiations and pledged to do whatever it takes to stabilize the common currency area. European Council President Donald Tusk said on Sunday he was in contact with all the governments of the euro zone to ensure Greece remained in the single currency Several officials said there was still time to return to the negotiating table. "To those who wonder what's next, 1. Greece should stay in euro; 2.The door is still open for negotiations on latest EU Commission proposals," EU Economics Commissioner Pierre Moscovici said. French Prime Minister Manuel Valls on Sunday urged the Greeks to continue talks. "I cannot resign myself to Greece leaving the euro zone ... We must find a solution," Valls told Europe 1, Le Monde and iTELE in a joint interview. International Monetary Fund boss Christine Lagarde said that if the July 5 vote produced "a resounding yes" to remain in the euro and fix the Greek economy then the creditors would be willing to make an effort. (Additional reporting by Deepa Babington in Athens; Writing by Anna Willard; Editing by Alastair Macdonald and Janet McBride) -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
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Banks with foreign majority stakeholders dominate the Romanian banking sector, representing over 90 per cent of the gross banking assets registered at the end of December 2014, according to the National Bank of Romania’s (BNR) 2014 annual report. “The size of the Romanian banking sector remains relatively low compared to other EU member states. Thus, [...]
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By Alastair Macdonald BRUSSELS, June 28 (Reuters) - EU chief executive Jean-Claude Juncker launched a last-ditch drive on Sunday to persuade Greece to agree a funding deal to save it from bankruptcy this week as Brussels insisted the "door is still open" for negotiations. Appealing over the heads of the leftist government direct to Greek voters, Juncker's European Commission published what it said was the sweetened offer that Greek negotiators were looking at on Friday night in Brussels when they got news from Athens that Prime Minister Alexis Tsipras had rejected the deal and would seek public endorsement of his move in a referendum next Sunday. "In the interest of transparency and for the information of the Greek people," Juncker said in a tweet, also issued in Greek, that linked to a 10-page document of budgetary and other "prior actions" by Athens that the EU, European Central Bank and IMF agreed were the conditions for releasing new cash to Greece. The Eurogroup of euro zone finance ministers could have made the deal at a meeting on Saturday but instead took it off the table due to what the Commission called "the unilateral decision of the Greek authorities to abandon the process." Among elements in the proposal, dated June 26 at 8 p.m. (1800 GMT), were language on pensions that differed from a confidential draft seen by Reuters earlier last week, and a concession on VAT for Greece's vital hotel industry. The offer said hotels could charge a reduced 13-percent tax, not the standard 23 percent. A Greek government official said Athens had not been sent the offer. FIGHT FOR EURO Greece's future in the euro zone is in doubt and it has had to consider capital controls to protect banks as it heads for a default on a 1.6 billion euro repayment due to the IMF on Tuesday. The high-stakes brinkmanship has put pressure on European Union institutions to demonstrate their effectiveness and relevance, and Juncker, a veteran premier of Luxembourg, has taken a lead in trying to steer the 40-year-old Tsipras to an accord, voicing irritation in recent weeks at repeated rebuffs. Juncker has called a Monday lunchtime news conference on the crisis. EU officials are not optimistic that Tsipras will shift but see it as the Commission's role to keep seeking a deal. Donald Tusk, the president of the European Council, which groups EU heads of government, said he was also still working with leaders to keep Greece in the common currency area. EU Economics Commissioner Pierre Moscovici insisted he was not giving up hope. "To those who wonder what's next," he tweeted, "1. Greece should stay in euro; 2. The door is still open for negotiations on latest EU Commission proposals." That remark echoed comments by Michel Sapin, who succeeded Moscovici as finance minister in Socialist president Francois Hollande's French government, as well as French Prime Minister Manuel Valls on Sunday. The conservative government of Chancellor Angela Merkel in Germany, Greece's biggest creditor, has not concealed a loss of patience with Tsipras, the novice premier elected in January on a vow to end years of austerity. France, the second biggest creditor, has however been at pains to say the situation can be salvaged. IMF head Christine Lagarde, who has been urging EU leaders to be bolder in granting debt relief to Greece, also issued a statement on Sunday saying she was ready to keep on working. In its statement, the European Commission said euro zone governments had been ready to do more on the Greek debt. (Additional reporting by Robin Emmott; Editing by Kevin Liffey) -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
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ATHENS/FRANKFURT (Reuters) - Greece will introduce capital controls and keep its banks closed on Monday after international creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff to a dangerous new level.
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greeceeu.jpg Home Page News Page The inexperienced Greek government lost its nerve. The brink was less than a week away, and it blinked. It changed tactics at last possible minute. It took a reckless political gamble. The inexperienced Greek government lost its nerve. The brink was less than a week away, and it blinked. It changed tactics at last possible minute. It took a reckless political gamble. There was still no agreement of course, but Prime Minister Tsipras was standing his ground. The differences between what Greece had offered and what the official creditors demanded was about two bln euros a year. The last debate was turning on how much savings should be achieved by tax increases and how much by spending cuts. The inexperienced Greek government lost its nerve. The brink was less than a week away, and it blinked. It changed tactics at last possible minute. It took a reckless political gamble. There was still no agreement of course, but Prime Minister Tsipras was standing his ground. The differences between what Greece had offered and what the official creditors demanded was about two bln euros a year. The last debate was turning on how much savings should be achieved by tax increases and how much by spending cuts. read more
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Greek Prime Minister Alexis Tsipras's plan to hold a referendum on July 5 on creditors demands for austerity has all but killed off talks for aid and left the country close to a default and a financial crisis that could pave the way for a euro zone exit. If Tsipras were to resign, the president could call opposition party leaders and try to form a minority, cross-party government of pro-euro parties like the centrist To Potami, the centre-left PASOK and the conservative New Democracy to implement the bailout programme accepted by Greeks.
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The negotiations between Greece and its creditors concerning the country's future as a member of the euro zone have ended as theatrically — and ...
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Deadlines have come and gone before, but Tsipras’s referendum pledge has finally forced a denouement. Creditors must rethink a failed austerity policy, and the political risk of painting themselves as the enemies of the Greek peopleSomething was bound to snap in Greece, and now it has. Over six years, jobs have vanished, hope has been smothered and a generation of progress in living standards has been reversed. Suicides soared among stricken individuals, and the collective sense of sovereignty shrivelled. The nation has been crucified on the cross of a currency that it should never have been allowed to join. It awakes to discover the extent of restrictions on accessing its bank accounts.Step back from the immediate row over proposals and counter-proposals, under which Alexis Tsipras drew a sharp line on Friday with his midnight pledge for a referendum, and this is the real backdrop to Athens’s abrupt decision to stop playing the European game. Fiery and inexperienced, the Greek prime minister has breached all the rules of diplomacy, failing to warn his counterparts about his plebiscite before going public, and perhaps depriving himself of a last bit of leverage in the haggling over bailout terms. His rhetoric contrasts his own mandate with the presumptions of callous technocrats, ignoring the mandates of creditor governments. That threatens the space in which a European club of 28 members is fated to find compromise. And the question he will put to the voters – whether they accept the creditors’ terms for extending a bailout that is now set to finish five days before Sunday’s vote – is arguably a nonsense. Continue reading...
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We call on David Cameron to support the organisation of a European conference to agree debt cancellation for Greece and other countries that need it, informed by debt audits and funded by recovering money from the banks and financial speculators who were the real beneficiaries of bailouts (Greek leader calls last ditch referendum on bailout, 27 June). We believe there must be an end to the enforcing of austerity policies that are causing injustice and poverty in Europe and across the world. We urge the creation of UN rules to deal with government debt crises promptly, fairly and with respect for human rights, and to signal to the banks and financiers that we won’t keep bailing them out for reckless lending.Frances O’Grady General secretary, TUCLen McCluskey General secretary, Unite the UnionPaul Kenny General secretary, GMBManuel Cortes General secretary, TSSASarah-Jayne Clifton Director, Jubilee Debt CampaignPaul Mackney Chair, Greece Solidarity CampaignNick Dearden Global Justice NowOwen Epsley War on WantJames Meadway New Economics FoundationAnn Pettifor Prime EconomicsDiane Abbott MPDave Anderson MPRichard Burgon MPJeremy Corbyn MPJonathan Edwards MPRoger Godsiff MPHarry Harpham MPCarolyn Harris MPGeorge Kerevan MPIan Lavery MPClive Lewis MPRebecca Long-Bailey MPCaroline Lucas MPJohn McDonnell MPLiz Mcinnes MPRachael Maskell MPMichael Meacher MPGrahame Morris MPKate Osamor MPLiz Saville-Roberts MPCat Smith MPChris Stephens MPJo Stevens MPCatherine West MPHywel Williams MP• For some time it seemed that an agreement between Greece and the troika might be reached. As it became clear, four days before Tuesday’s deadline, that no such agreement will be reached, Alexis Tsipras is right to ask the Greek people whether they would support him in sticking to the policy on which he was elected or whether they are prepared to give in to the troika’s terms. The troika will not allow Greece these five or six extra days to hold the referendum. If the Greeks were to support Tsipras, Greece would have to default with all the dire consequences not only for Greece but also for the eurozone, and that disaster would have been put off by these few days. But if the result of the referendum were to accept the troika’s terms, the crisis for Greece and the eurozone would be ended, certainly in the short term and possibly in the longer term also. It seems insane to throw that possibility away, however exhausted and exasperated the troika is. It seems that the troika now actually wants to make sure there is a Grexit.Ralph BlumenauLondon Related: Greek crisis live: Banks to stay shut on Monday - reports Continue reading...
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For Georgios Karvouniaris, his sister Barbara, and many thousands like them, whether Greece stays in the eurozone or not is unlikely to have any effectOn a steep, gardenia-scented street in the north-eastern Athens suburb of Gerakas, in one corner of a patch of bare ground, stands a small caravan. Plastic mesh fencing – orange, of the kind builders use – encloses a neat garden in which peppers, courgettes, lettuces and beans grow in well-tended raised beds. Flowers, too. Related: Greece crisis: a disaster for Athens and a colossal failure for the EU Related: The moral crusade against Greece must be opposed | Zoe Williams Related: Greece crisis could be a Sarajevo moment for the eurozone Continue reading...
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US president and German chancellor spoke on Sunday and agreed it is ‘critically important’ to find ways to keep Greece in the eurozone Related: Greek crisis: Banks to stay shut as capital controls imposed - live updates President Barack Obama and German chancellor Angela Merkel spoke on Sunday and agreed it is “critically important” to find ways to keep Greece in the euro zone, the White House said. Continue reading...
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