Greek banks are largely funded through deposits, but the impending process of “resolution” could provide clues for investors holding bank bonds in ...
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| READ THE ORIGINAL POST AT www.ft.com |
How the world sees Greece
Thursday, July 23, 2015
Third Greek Bailout Is Not the Charm
Nearly a month ago Greek voters rejected more economic austerity as a condition of another European bailout. Today Athens is implementing an even ...
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| READ THE ORIGINAL POST AT www.cato.org |
Greece passes second crucial bailout bill
Greece's parliament on Thursday approved a second batch of reforms needed to help unlock a huge international bailout for the stricken economy.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
The birth-pangs of a policy
LAST week a Danish surveillance aircraft spotted a rickety fishing boat stuffed with would-be migrants 24 nautical miles off the Libyan coast. It alerted the Italian coast guard in Rome, which in turn dispatched Poseidon, a Swedish multipurpose vessel on patrol in the Mediterranean. Three hours later the ship’s crew ran into 613 men, women and children, from places as far apart as Nigeria and Bangladesh. One by one they clambered aboard, where they were given food, water and a quick health check before awaiting their delivery to shore. Like trophies, pictures of the vessels the Poseidon has intercepted adorn a stairwell below the ship’s mess hall. Since its deployment to Sicily on June 1st as part of an expansion of Operation Triton, the European Union’s border-surveillance mission in Italy, Poseidon has taken part in 14 rescue operations and saved 2,600 souls. If only Europe’s governments could co-operate as happily. This week marked their latest failed attempt to reach a piddling goal: the relocation of 40,000 asylum-seekers from Italy and Greece, which are groaning under...
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| READ THE ORIGINAL POST AT www.economist.com |
Greek Parliament Approves Second Set of Bailout Reforms
The Greek Parliament approved early on Thursday the second set of reforms, which Athens has to implement in order to start negotiations on a third bailout with its international creditors. The parliament passed two more prior actions, which concern the adoption of a European bank resolution scheme and the change of the civil procedure code. A total of 230 MPs voted in favour of the reforms, 63 were against, while five MPs abstained, daily Kathimerini reports. The vote was crucial as it would show whether Greek Prime Minister Alexis Tsipras has restored the confidence of his party. Dissent within SYRIZA seems to have slightly decreased as only 36 MPs did not support the reforms, while the rebels within the main ruling party against the first round of reforms were 39. The former Finance Minister Yanis Varoufakis, who had opposed the first round of reforms, voted in favour of the second set. However Varoufakis issued a statement, saying that he did so only to help the government buy time, as according to him, the agreement with the creditors was to fail. Tsipras called on MPs to support the bailout agreement in order to counteract Greek opponents, who were forcing the country out of the eurozone. The Greek PM assured that his government would never allow banks to seize the primary residences of Greeks. The 977-page bill, which was discussed on Wednesday, will simplify the process required for courts to reach a decision and write EU rules for dealing with failing banks into Greek law. The new reforms will protect a taxpayer from the cost of bank failures and foresee that unsecured depositors, who have more than EUR 100 000 at an individual bank, will face losses before taxpayers. The legislation provides that shareholders, senior and junior creditors will be in line to take a hit before depositors. The law will not come into effect until the beginning of 2016 and Finance Minister Euclid Tsakalotos told MPs that Greek banks would have been recapitalised by then.
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| READ THE ORIGINAL POST AT www.novinite.com |
EY study points to ‘nightmare’ results of Grexit on Greek economy
Initial rationing predicted; all economic indices would collapse
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| READ THE ORIGINAL POST AT en.protothema.gr |
Greek parliament approves second package in bailout
Greek prime minister Alexis Tsipras contained a rebellion in his left-wing Syriza party to win parliamentary approval on Thursday for a second package of reforms required to start talks on a financial rescue deal. A first set of reforms that focused ...
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| READ THE ORIGINAL POST AT www.irishtimes.com |
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