Many people want to know more about Democratic presidential candidate Bernie Sanders' foreign policy agenda. Yes, they say, we like what Sanders is saying about reducing extreme inequality, about reducing the political power of the billionaire class. But what about U.S. foreign policy? Yes, they say, Bernie voted no on the Iraq war; yes, they acknowledge, Sanders supports the Iran deal. But we're spending more than half of our federal income tax dollars on the Pentagon's empire, money we should be spending on rebuilding our nation's domestic infrastructure. "A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual death," Dr. King said. What's Bernie going to do about that? I'm all for pushing Bernie to talk more about downsizing the Pentagon to be an institution focused on actually defending the United States, as opposed to running around the world overthrowing other people's governments -- a Pentagon that "goes not abroad in search of monsters to destroy," as President John Quincy Adams put it. But we should also take advantage of the new opportunity that now presents itself; it's not only with bombs that U.S. foreign policy kills and injures innocent civilians. We should recognize and publicize the fact that Bernie Sanders is the only presidential candidate who is talking about what the IMF is doing to Greece, the only presidential candidate who has a track record of opposing the IMF, the only presidential candidate who, if elected, is likely to do anything to end the economic violence of the IMF. In his historic campaign for the Democratic presidential nomination in 1988, Jesse Jackson often invoked the theme of "economic violence": Economic violence is the critical issue of our day. When plants close on workers without notice, and leave them without jobs or training for new jobs -- that's economic violence. When three to five million Americans are on the streets and homeless -- that's economic violence. When merger maniacs make windfall profits and top management is given excessive bonuses, golden parachutes to aid a soft landing, while workers are asked to take a wage cut, a benefit cut and a job loss, a crash landing -- that's economic violence. When our children are victimized with poor health care, poor education, poor housing, poor diets and more -- that's economic violence against our children. Jesse Jackson was talking about U.S. domestic policy. But others have used the idea to talk about the IMF: Hundreds of campaigners are marching in Prague as the main policy-making body of the International Monetary Fund (IMF) begins a meeting to discuss debt relief. They want the IMF and its sister organisation, the World Bank, to cancel altogether debts owed to them by the poorest countries. The protesters are staging a "funeral" procession through Czech capital to highlight their view that 7 million children a year die because of the debt crisis. Jubliee 2000, which is organising the march, says it will be totally non-violent and that it is committed to peaceful protest. "We condemn violence, both the violence which ends in broken windows, and the violence that kills 19,000 children a day," the group's UK director Ann Pettifor told the BBC. The IMF is not "over there." The IMF is headquartered in Washington, physically, politically and financially. A progressive economist once reported that he was at a seminar at the IMF, where a senior IMF official was indignant that people were saying that IMF is unaccountable. The IMF official demanded to know: why do people always accuse us of being unaccountable? We never do anything without checking with the U.S. Treasury Department! Until now, unfortunately, Congressional Democrats have been largely content to let Treasury to run the show at the IMF without the input of real Democrats. The IMF is now doing to Greece what the IMF has been doing to Africa since the 1980s and what the IMF did to South America until the progressive governments there kicked the IMF out. The IMF is a member of the "troika" of official creditors that have been making extreme austerity demands on the Greek government and are now openly demanding "regime change" in Greece before there can be any deal that ends the crisis in Greece that the troika has imposed. (Some people complain that we shouldn't blame the IMF for what is being done to Greece; they say that some other institution or actor is more responsible. These people want us to play "accountability whack-a-mole" with the institutions. We need to hold the institutions "jointly and severally liable"; and the IMF is the bad actor in the troika for whom Americans have the most responsibility.) Bernie Sanders is the only presidential candidate who is speaking out about this. In Congress, it's the progressive Democrats - including Sanders - who are speaking out about this. U.S. support for the IMF is more politically fragile than many people realize. Many Congressional Republicans hate the IMF, in significant measure because they see the IMF as a Democrat-supported taxpayer-financed slush fund to bail out big private banks when their international bets go bad (which assessment is quite correct.) Without the support of Congressional Democrats, the IMF is dead meat in Washington. Whenever the IMF wants more money from Washington, there's a campaign to trick low-information Democrats into believing that the IMF is "foreign aid," so that Democrats will support it. When more Democrats own the fact that the IMF agenda is the NAFTA-WTO-TPP agenda with a European internationalist smiley face mask pasted on, the IMF will be on a fast train to the dustbin of history. And this is not necessarily a remote prospect - the fact that this is the fundamental identity of the IMF is well known among labor activists, for example. AFL-CIO chief economist William Spriggs recently wrote: In the U.S. we must take the side of Greece in this fight. It is in our interest, as the immediate problem of the instability this is causing is a rising dollar that will hurt U.S. exports and jobs. And, we can never be sure of the interrelated nature of financial collapses since so much of the banking sector remains in the shadows; with global derivatives trading at values greater than global output. More importantly, we must also revolt against this economic order. It is the same order that saved JP Morgan Chase, but let Detroit and now Puerto Rico fail. It is the same religion that would sacrifice the earnings of American students with rising student debt and de-invest in public higher education. It is the same religion that would sacrifice American jobs and labor standards and back the Trans-Pacific Partnership. We must see these as the same struggle to restore sanity and purpose to role of government and its servant, the economy. This is why supporters of the IMF should be very afraid that Bernie Sanders and progressive Democrats are denouncing what the IMF is doing to Greece. You can add your voice here. -- 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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Friday, July 3, 2015
The Tragedy Of Greece's Referendum
The person who says "I'm voting no" has a point. Not the person who says it out of blind and thoughtless rage. He's just an idiot. But the person who doesn't want his "yes" to be interpreted as an absolution of what happened in the past five years or as an advanced affirmation of the continuation of the same policy without corrections. Or the person that says that they don't want their "yes" to be taken as a vote of doubt towards a government that has only been in power for six months, or much worse, as a vote of confidence towards the old politicians that are ready to return to the arena. The person who says "I'm voting yes" also has a point. But not out of fear. Because, after the plunder of the internal devaluation that removed 25 percent of our national income, I won't risk going through the ultimate misery of another, even worse, external devaluation when the euro gives its place to a parallel "bad" currency at first and a devaluated national currency later. I will not risk my country's position in the European core, nor do I want to see its identity replaced by Panos Kammenos' folk dancing at army bases and his nationalist ethical teachings in schools. I do not want to give a blank check to a government that admits to having failed in the negotiations so far, for them to continue at will. If we have reached the referendum, it is because the previous deal wouldn't pass the party's vote and wouldn't receive a parliamentary majority. How can I believe that another deal will pass, when the nay-sayers will have the nuclear weapon of the referendum on their side? Both sides of this debate have a point that has divided us. Maybe that's why, for the first time, the cliché of the "Greek tragedy" that the international media often uses to describe what's happening is accurate this time. Because what sets the Greek tragedy apart from other dramatic arts is that the heroes that do battle on stage are not good or bad, they are not right or wrong. Each of them is right and wrong at the same time. That's why their fate is tragic. This sounds like what we're going through before the Sunday ballot. Right and wrong, in a way, coexist in all of our consciences, in our families, our friends and the nation. That is a tragedy. And for it to exist, hubris has to be committed. Not against the gods, as in Aeschylus or Sophocles, but against democracy. Because, and this is my opinion, the Sunday referendum is an insult towards the democracy it addresses. Citizens are asked to vote yes or no without knowing what the question is. Like a blind date. Everyone will answer depending on what they think the question is and will discover on Monday that someone will pose the question they answered differently and they cannot change their answers. Except if they answer in a way that cannot be misconstrued. In order to avoid the worst situation: Let's decide that whatever way we answer, our fate is based on how our German partners will interpret it. That whatever has happened (in the name of decency and self-determination, supposedly) during the past few days, the end of negotiations, the closing of the banks, the sudden fall in our economy, place us defenseless in the hands of our creditors. As the fate of the heroes in an ancient tragedy, the Gods will decide on it. This post originally appeared on HuffPost Greece and was translated into English. -- 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.
German FinMin Schaeuble: ‘There Will Be No Quick Bailout Deal’
German Finance Minister Wolfgang Schaeuble stated that there will be no “quick bailout deal,” regardless of the Greek referendum result on Sunday, July 5. Greeks are called to vote on whether their government should accept the creditors’ bailout program that includes more austerity measures. In an interview to German tabloid Bild, Schaeuble said that “negotiations after the Greek vote will take a while.” Furthermore, he added that there is a procedure to be followed. Greece needs to submit a request for more financial aid to the Eurozone, which will then decide on whether it will restart the negotiation process that has to be approved by the German Parliament. “Greece will have to make efforts of its own in return for new aid,” he added. “These would be very difficult negotiations – because the situation in Greece has dramatically worsened in the past few weeks,” Schaeuble concluded. Meanwhile, Greek Prime Minister Alexis Tsipras has promised the Greek people that he will ensure a deal within 48 hours after the referendum results are announced.
Hellenic Bank Association President: ‘ATMs Will Operate Normally Until Monday’
The meeting between Greek Finance Minister Yanis Varoufakis, government Vice President Yiannis Dragasakis, Deputy Finance Minister Dimitris Mardas and Greece’s bankers was completed. The meeting was attended by National Bank of Greece Chair Luka Katseli and Chief Executive Leonidas Fragiadakis, Nikos Karamouzis and Fokion Karavias from Eurobank, Vasilis Rapanos and Dimitris Mantzounis from Alpha Bank, Anthimos Thomopoulos from Piraeus Bank, Alexandros Antonopoulos and Ioannis Gamvrilis from Attica Bank, Christos Gortsos from the Hellenic Bank Association and Theodoros Mitrakos from the Bank of Greece. According to Hellenic Bank Association President Louka Katseli, Greek banks’ ATMs will operate normally until Monday, July 6. “After that, everything depends on the European Central Bank,” she said. In an interview to Greek radio, Varoufakis commented: “There will be no problem with ATMs by Monday. This week is problematic, however it consists an investment toward a sustainable agreement. The Greek state will be able to pay pensions and salaries at the end of the month since we will reach an agreement on Monday, one way or another. An interesting notice is that the country’s revenues have not collapsed as we are currently expecting a result. The problem can only be found in cash.”
Referendum Rallies in the Greek Capital
Two days before Greece holds its first referendum since 1975, supporters of both sides to the posed dilemma organized rallies in Athens on Friday evening. The two demonstrations took place a few miles away from each other with the “No” supporters gathering in Syntgama Square and those in favor of accepting the proposed deal rallied at Kallimarmaro Stadium. Supporters of the “Yes” vote have largely argued that the question is in reality one between the euro and the drachma. The government has vehemently denied this theory and argued that a “No” vote will strengthen Greece’s position at the negotiating table. After sending a televised message to the nation, Greek Prime Minister Alexis Tsipras gave his second speech of the day at the “No” rally in Syntagma Square, which garnered around 35,000 people. “Today we celebrate the victory of democracy. Whatever happens on Monday, we are already winners,” Tsipras told an ecstatic crowd. Tsipras spoke of Greece’s position as Europe’s birthplace and the ability and history of the Greek people to reject ultimatums. “On Sunday, we are not simply deciding if we are staying in Europe, but if we are going to live and progress with dignity in Europe, if we are going to be equal in Europe,” he said. “And believe me. No one has the right to threaten they will cut Greece out of its natural geographic place. No one has the right to threaten they will divide Europe.” The Greek Prime Minister pressed for national unity following the referendum, regardless of the result, as he did in his speech earlier today. In the “Yes” rally, which was attended by approximately 25,000 people, Athens mayor Giorgos Kaminis spoke to supporters of the bailout deal. Kaminis also called for unity but accused the government of holding a snap election this Sunday and of not having any negotiating partners left. “They are dragging us to vote on a referendum, without giving us the time to think, to discuss calmly, with sobriety,” Kaminis said. “With an incomprehensible question, a sheet of words that do not make any sense.”
Greek Main Opposition Leader: The Government Is Deceiving Us
Greek main opposition New Democracy leader Antonis Samaras addressed the nation in a televised speech just a few hours after Greek Prime Minister Alexis Tsipras gave his own, and urged the country to vote “Yes” on Sunday’s referendum. In the speech, whose main motif was accusing the government of having lied multiple times, Samaras accused Tsipras of lying when he spoke about the IMF preliminary report because the same report explained that the shortcomings of the past 5 months lead to the need for a new bailout package. “They are being blamed for worsening everything and they are cheering. They are being given a new Memorandum and they are happy. We have already won a debt ‘haircut’ since 2012. Now, with this government, we are threatened with a deposit haircut.” Samaras posed the referendum question as a choice accepting and rejecting the euro and not the proposed agreement. Similar to European Commission President Jean-Claude Juncker’s earlier comments, Samaras said the “No” vote would weaken the country’s negotiating position. He further accused the government of not being truthful to their verbal commitment to the Greek people that regardless of Sunday’s result, they will strike a deal with creditors in 48 hours. “They wanted, since the beginning, the country’s exit from the euro with the approval of our people. Now they are saying that banks will open. How? With the ‘No’ vote? With the whole of Europe perceiving it as a no to the euro? They are lying again. Like a few days ago when they lied when they said the banks would not close and eventually they were the ones who closed the banks.” Despite his stark criticism of Greece’s Prime Minister and SYRIZA, Samaras, like Tsipras had done earlier, called for unity among Greeks during the next few days and the ones following the referendum. “Our strength is the unity of our people,” he said. “Because we are not just voting ‘Yes’ to the euro. We are voting yes to Greece. To a strong Greece. And a strong Greece is a European Greece. It is a strong Greece”.
Greeks Protect Their Money by Converting Them to Bitcoin
The capital controls the Greek government has imposed have one loophole. Greeks can in fact withdraw their money if they are willing to convert their euros into bitcoin. The online currency has already become a popular option for Greeks over the last few months. Thanos Marinos, founder of the Greek bitcoin exchange company BTC bitcoin, said that between May and June there was a 400% increase in the number of new depositors of at least 50 euros, while the average deposit is now around 700 euros. These deposits, however, remain just that. Marinos said that those who have bitcoin in Greece use it as a way to secure their money against a potential currency change in the country. “A lot of people are keeping all the bitcoin they buy on our platform, until they understand what to do with them,” Marinos said. “In their eyes, they now have bitcoin, they are safe.” Although absolute figures are hard to come by, Greek interest has surged in the online “cryptocurrency,” which is out of the reach of monetary authorities and can be transferred at the touch of a smartphone screen. Adam Vaziri, a board member of the UK Digital Currency Association, spoke on the use of bitcoin. “When people are trying to move money out of the country and the state is stopping that from taking place, bitcoin is the only way to move any value,” said Vaziri and added that “there aren’t any other options unless you buy diamonds, and that’s very difficult to move.” Bitcoin became very popular in Cyprus as well during the capital controls imposed there in March through April 2013, with the currency’s value increased by almost 700%. Most bitcoin-watchers reckon the digital currency’s rise is mostly due to speculators betting that capital controls would trigger heavy demand. (source: euractiv)
EFSF Not to Demand Immediate Repayment of Greek Loans
The European Financial Stability Facility (EFSF) announced on Friday that it will not demand immediate repayment of Greece’s loans, while it reserved the right to do so in the future. The decision was made in the wake of Greece’s failure to make a 1.6-billion-euro repayment to the International Monetary Fund (IMF) on Tuesday. “The EFSF is Greece’s biggest creditor. This default event is cause for deep concern. It breaks the commitment made by Greece to honor its financial obligations to all its creditors and opens the door to severe consequences for the Greek economy and the Greek people. The EFSF will closely coordinate with the euro area member-states, the European Commission, and the IMF on its future actions,” EFSF Chief Executive Klaus Regling said. The decision to opt for a Reservation of Rights means that the creditor has kept all options open. The EFSF loans, amounting to nearly 150 billion euros, consist of 109.1 billion euros under the Master Financial Assistance Facility Agreement, 5.5 billion euros under the Bond Interest Facility Agreement and 30 billion euros under the Private Sector Involvement Facility Agreement. (source: ana-mpa)
Greece crisis: This is what will happen if Greece runs out of money and has to reinstate the drachma
The Greek finance minister Yanis Varoufakis said on Australian radio this week that Greece couldn't reinstate the drachma – the currency it used ...
9 photos show the chaos in Greece right now
On Sunday, July 5, Greece will have a referendum on whether to accept an accord with its creditors. This weekend could be Greece's last chance to get a bailout, or possibly default to the International Monetary Fund. Not only could this be catastrophic for Greece as a country, which also owes billions to the European Central Bank and European Commission, but it could be devastating for the Greek people, who are already limited to a maximum €60 (about US$67) ATM withdrawal in the wake of banks closing. Everyone already seems to be under a tremendous amount of stress, as evidenced by recent pictures from overseas. An older woman with "oxi" ("no" in Greek) stickers on her face joins a demonstration in Athens on Friday, July 3. This group is in favor of a No vote on whether Greeks should accept more austerity in return for bailout loans. Most of Greece's banks shuttered on Thursday, leaving Greece bracing for more chaos on the streets. Here, a member of Communist-affiliated PAME labor union shouts at police. People stand on both sides of the issue. A referendum campaign poster calling for a Yes ("nai") vote has been sprayed with graffiti that reads No. Two people stop to read the paper on July 3. An opinion poll on Greece's bailout referendum revealed that, so far, there is a slight lead for the Yes vote, at 44.8%, while the No vote came in at 43.4%. Rallies draw crowds all over Athens. These supporters of the No vote think Greeks should not accept more austerity in return for a bailout. On the other side, demonstrators voice their opinion with signs that read ''Yes to Greece, Yes to the Euro,'' among dozens of Greek flags. People are trying to drum up as much support as they can for their side of the vote. Here, a woman puts up a "Yes to Greece, Yes to the Euro" referendum campaign poster in Athens. Greece closed down most of its banks on Thursday, fearing a rush of people trying to withdraw their money before the referendum. That hasn't stopped people from lining up to withdraw from the remaining open ATMs. Tensions run high on the streets. Here, police watching for riots detain a demonstrator before a rally organized by supporters of the No vote. SEE ALSO: Yanis Varoufakis says Europe has offered Greece a deal 'we would sign on the dotted line' Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy
The Latest: Greek PM urges voters to ignore scaremongers
ATHENS, Greece (AP) — The latest news on Greece's financial woes and its upcoming referendum on Sunday (all times local):
Samaras: Tsipras, SYRIZA wanted to take Greece out of euro all along
'What’s the point of this referendum? Why create divisiveness? Why did the country have to collapse?' he asked,
Tsipras urges 'no' vote, says 'no matter what' Greece in Europe
Large rally in front of Parliament ends and concert begins with song featuring lyrics with .."drachma"
Greece headed to a vote that could shape its future
ATHENS — Greece’s highest administrative court ruled Friday that a referendum planned for Sunday is constitutional, clearing the last serious hurdle before Greeks go to the polls for a vote that could set the country’s direction for decades.Read full article
Greek crisis causes rift in drug industry
Wholesalers say that “the wealthy pharmaceutical industry is exploiting the potential advent of another crisis in Greece."
Congress Should Protect Intellectual Property Patent Rights
With investors watching events in Greece with concern, Congress has opportunities to take critical steps to protect enterprise and entrepreneurship in the United States, isolating us from the turmoil that plagues the European Union. Among other things, private property rights and patent laws make America unique. It stands to reason [...]
Watch live: Tensions run high in Greece as Yes and No rallies go head to head over EU bail-out referendum
Rival political parties hold rallies in Athens as Greeks consider whether to reject EU bail-out terms
A decade of overspending: how Greece plunged into economic crisis
Athens was poorly prepared for the 2008 crash - living off easy credit, while spending on wages and defence soared, and taxes began to fall awayHow did Greece get into this state?Greece was badly prepared for the 2008 financial crisis after a decade of overspending. In many ways, the weakness of its economy and public finances was akin to that of Spain, Ireland and Portugal, which also found themselves brutally exposed after 10 years of living beyond their means. Greece, though, was a special case, which was why in 2010 it became the first EU country to send a distress signal. Since then, Athens has struggled to piece together a deal with its lenders that allows the economy to recover. Continue reading...
This euro is destroying the European dream
The deficit fetishists of Brussels and Berlin must cut Greece some fiscal slack and work to promote growthOn Sunday the Greeks vote while the rest of Europe holds its breath. No matter how clunky the wording on the ballot paper, everyone knows what’s at stake. This is a moment of great peril, not only for the euro but for the European project itself.If yes wins, and Syriza duly falls, the victory for the European powers could prove to be pyrrhic. Too many will believe that Brussels, and more pointedly Berlin, engineered the toppling of a democratically elected government. Once Alexis Tzipras had, admittedly, put a gun to his own head by calling Sunday’s vote, the EU in effect told the Greek nation that the leaders they had chosen just six months ago were unacceptable and had to be removed. The moment will be cited ever after as proof that the EU’s approach to democracy is akin to Henry Ford’s view of consumer choice: you can have whatever colour you like, “so long as it is black”. Related: Greek referendum: how voters interpret unclear question will decide outcome I’m told plenty of European leaders are ready to do it – but not for Alexis Tsipras. That relationship is too broken Continue reading...
Greece in Europe: a short history
After throwing off the regime of the colonels and restoring democracy, Greece applied to join the European Community in 1975Greece joined the European Community in 1981 because “we didn’t want to see Plato play in the second division”, the head of the European commission Jean-Claude Juncker said this week.This romantic view obscures Greece’s winding path to the European club. After throwing off the regime of the colonels and restoring democracy, Greece applied to join the European Community in 1975. It was not greeted with open arms. Although supporting Greece’s membership bid, the commission said Greece’s entry would “pose serious problems for both Greece and the community”. France was worried about the impact on farmers, Germany about cheap migrant labour and everyone feared getting embroiled in Greece’s dispute with Turkey. It didn’t help that leaders had only just emerged from renegotiating membership terms with the UK. Continue reading...
Euro area recovery best in four years
The eurozone economy was said to be in robust recovery mode last month. The economic momentum continued during June and apparently was not dented by the chaos of one of its members, Greece.
Greece debt crisis: Tsipras calls on Greeks to defy 'blackmail' as nation remains divided and fearful
Greek and European politicians are still wrestling over what the consequences of Sunday’s referendum on an EU bailout package will be for the country, as millions of voters were left with 24 hours to decide whether to say Yes or No to a question that is almost impossible to understand.
Greece PM urges 'No' vote to 'live with dignity in Europe'
Greek Prime Minister Alexis Tsipras on Friday urged thousands of supporters gathered in Athens to vote "No" in the weekend referendum to "live with dignity in Europe".
The Guardian view on the Greek referendum: hard to imagine a more dismal choice
The Greek crisis has led Brussels into the business of regime changeBrussels should not be in the business of making or breaking governments. But that is nevertheless the dangerous point to which the European Union’s mishandling of the Greek crisis has brought it. The union “made” the present Syriza government in January this year by refusing to offer its predecessor, New Democracy, the softer terms on debt which would have allowed it to stay in office. But that could be put down to happenstance. The situation now is different, with European leaders openly campaigning for a yes vote in the Greek referendum due to be held on Sunday. A yes vote would almost certainly lead to the fall of the Syriza government. If this is not regime change, it comes perilously close to it, and it is a profoundly damaging development for the European project.It is worth asking again at this critical stage who is most to blame, because that question is so often asked in the wrong way. Alexis Tsipras and his colleagues are amateur politicians who in normal circumstances would have been fulminating from the opposition benches without worrying about what to do if they achieved power. It is hardly surprising therefore that, cocky and erratic, they have made mistake after mistake. Continue reading...
Greek shipping magnates remain buoyant as economic crisis deepens
International setup means those at top of Greece’s most prominent industry are unaffected by current financial chaos at homeFirst came a high-powered motorbike ridden at speed by a figure who looked as if he might belong to the Athens chapter of the Hell’s Angels. Then the first of two black limousines with darkened windows – this one a BMW with personalised number plates. Finally, an ordinary saloon. Related: How the Mediterranean crises are affecting tourists' summer plans Continue reading...
Operation 'Ochi': Zero Hour for Greece
Prime Minister Alexis Tsipras has led his country into chaos. Divisions in Greek society are growing and Sunday's referendum may not be enough to pull the country back from the brink.
Greek economy close to collapse as food and medicine run short
Alexis Tsipras urges people to vote no in Sunday’s referendum as capital controls bite and vital tourism industry sees thousands cancel holidays in Greece Greece’s economy is on the brink of collapse after the capital controls imposed ahead of Sunday’s referendum left the country with food and drugs shortages, the tourist industry facing a wave of cancellations and the banks with barely enough money to survive the weekend.Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for the 11 million-strong population – and would require immediate help from the European Central Bank on Monday whatever the result of the referendum, in which the two sides are running neck and neck. Related: Greek debt crisis: referendum to go ahead as court rejects appeal – live updates Related: Greek referendum: what the experts say Continue reading...
Greek debt crisis: Yes and No sides rally in leadup to referendum
About 25,000 people have gathered in Athens' Syntagma Square for a rally supporting a No vote in Sunday's referendum on whether to accept a new bailout deal, while 17,000 people gathered outside the nearby Panathenian stadium for a Yes rally.
Angela's Ashes: How Merkel Failed Greece and Europe
Angela Merkel relishes her reputation as queen of Europe. But she hasn't learned how to use her power, instead allowing a bad situation to heat up to the boiling point. Her inability to take unpopular stances badly exacerbated the Greek crisis.
Greek court rejects appeal to block bailout vote
Greece's highest court has rejected an appeal against a referendum on a bailout package from creditors, clearing the way for the vote to be held as…
Greek society near paralysed by bank freeze
On the last weekend of June the Greek government announced a referendum. The choices: accept lenders' continuing austerity conditions on another…
Post-referendum Greece will change 'dramatically'
Ahead of the referendum in Greece this Sunday, tensions have been building between the camp that intends to vote 'yes' and those determined to vote…
As potentially historic vote nears, Greek voters confused by ballot question
Crucial referendum may determine the country's future and its relationship with the European Union, but the question leaves some voters scratching their heads
Greece PM Tsipras urges voters to reject bailout ‘blackmail’
Greece was officially declared in default on Friday, injecting even more urgency into a make-or-break weekend referendum that new polls suggested was too close to call.
Four tips for tourists
Greece is still attracting many tourists despite the country’s financial difficulties. Here are some tips for tourists.
Greece’s accidental referendum on euro
Voters will show if they want to remain within the single currency
Greek PM: 'Say No To Those Who Terrorise You'
Alexis Tsipras calls for a "proud no" in the bailout referendum as thousands hold rival rallies in Athens ahead of the tight vote.
Greek court clears way for Sunday's referendum on bailout terms
Greece's top administrative court ruled Friday that a referendum on terms offered by the country's major lenders for another bailout was constitutional, clearing the way for a vote this weekend.
Q&A: How exposed are you to Greece?
What the Greek crisis means for investors, travellers, homeowners and pensioners
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum
… Thessaloniki, Yiannis Boutaris, one of Greece’s leading campaigners for a … , these Greeks, you keep thinking when you hear these sentiments. Greece won’t be pushed around. Some suspect that Greece is …
Greek campaigns neck and neck before crucial referendum
ATHENS, Greece (AP) — The brief but intense campaign in Greece's critical bailout referendum ends Friday, with simultaneous rallies in Athens supporting "yes" and "no" answers to a murky question in what opinion polls suggests will be a very close vote.
Greek premier asks for 30% debt write-off
According to the IMF report, further slowing of structural reforms in Greece and a further fall in its primary budget surplus would make it impossible for the country to service its external debt
Greek debt crisis: Deal is almost done, says finance minister Varoufakis
A bailout deal between Greece and its creditors is almost finalized, Greek Finance Minister Yanis Varoufakis said Friday, hinting that the two sides ...
Greek couple stranded on NYC honeymoon
Greek newlyweds Valasia Limnioti and Konstantinos Patronis' long-planned “dream trip” to the United States ended in New York City — where their ...
The Latest: 25,000 supporters of 'no' vote rally in Athens
ATHENS, Greece (AP) — The latest news on Greece's financial woes and its upcoming referendum on Sunday (all times local):
Exclusive: Europeans tried to block IMF debt report on Greece: sources
The document released in Washington on Thursday said Greece's public ... "The IMF published a report on Greece's economy which is a great ...
Council of State rules Referendum is conform with Greece’s Constitutional Law
Greece’s Council of State rejected the appeal submitted by two citizens seeking to cancel Sunday’s Referendum as “unconstitutional.” Greece’s top court decided to accept an appeal by 20 lawyers seeking to cancel the two citizens’ appeal. The layers had proven the constitutionality of the Referendum. The “two citizens submitted their […]
European Countries Tried To Block Release Of IMF Analysis On Greece: Report
By Paul Taylor BRUSSELS, July 3 (Reuters) - Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday. The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers. It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat. Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months. Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say 'No' to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week. It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece's future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up. "Yesterday an event of major political importance happened," Tsipras said. "The IMF published a report on Greece's economy which is a great vindication for the Greek government as it confirms the obvious - that Greek debt is not sustainable." At a meeting on the International Monetary Fund's board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday's crucial referendum that may determine the country's future in the euro zone, the sources said. There was no vote but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, the sources said. The Europeans were also concerned that the report could distract attention from a view they share with the IMF that the Tsipras government, in the five months since it was elected, has wrecked a fragile economy that was just starting to recover. "It wasn't an easy decision," an IMF source involved in the debate over publication said. "We are not living in an ivory tower here. But the EU has to understand that not everything can be decided based on their own imperatives." The board had considered all arguments, including the risk that the document would be politicized, but the prevailing view was that all the evidence and figures should be laid out transparently before the referendum. "Facts are stubborn. You can't hide the facts because they may be exploited," the IMF source said. IMF spokeswoman Angela Gaviria declined comment on this report. POLITICALLY ANATHEMA Greek Finance Minister Yanis Varoufakis said in a blog post the IMF had upheld the Syriza party government's contention for the last five months that debt relief should be at the center of the negotiations. "Puzzlingly, all this fine research by the good people at the IMF suddenly evaporates when IMF functionaries coalesce with their ECB and the European Commission colleagues in order to impose upon our government their chosen policies," he wrote. The IMF argues that Greece's debt burden of nearly 185 percent of gross domestic product can only be made sustainable if the euro zone provides considerable extra financing through a mixture of new loans and a debt restructuring. This is politically anathema in Germany, the biggest creditor country, and most other euro zone states, where no leader wants to explain to taxpayers that the money they lent to Athens will never be coming back. Euro zone governments insisted in five months of talks this year that a lengthening of loan maturities and a reduction in interest rates would only be considered after Greece had implemented its commitments under a 2012 bailout deal, including painful structural reforms and public spending cuts. In Brussels, the way the IMF communicated the findings was seen as confusing, misleading and politically unhelpful. The European Commission had produced its own debt sustainability analysis, based partially on IMF data, which is less pessimistic in its scenarios and is one of the documents mentioned on the Greek referendum ballot paper. Diplomats said the IMF's publication of the study was a way of making clear it would only be part of any future loan pact with Greece if the Europeans included debt relief in the mix. Germany and its north European allies have said the IMF's presence is indispensable both to win parliamentary backing for aid for any euro zone partner, and to keep the European institutions honest. Berlin suspects the European Commission of being too soft on Greek efforts to wriggle out of reforms of pensions, taxation, public sector wages and labor law. The European Central Bank, the third partner in what used to be called the "troika" of bailout enforcers, is also keen to keep the IMF involved. (Additional reporting by David Chance in Washington; editing by Anna Willard) -- 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.
EFSF decides to “reserve its rights to act upon Greece’s default”
The eurozone’s rescue fund, Greece’s largest creditor, said on Friday it reserved the right to call in 130.9 billion euros in debt ahead of schedule after Athens defaulted this week on an International Monetary Fund loan. The board of the European Financial Stability Facility decided to reserve its rights to […]