Greece aims to have an agreement with its international creditors by Sunday, a government spokesman said Thursday, despite warnings from ...
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| READ THE ORIGINAL POST AT www.wsj.com |
How the world sees Greece
Thursday, May 28, 2015
Greece's Tsipras Talks With Merkel, Hollande Amid Lack of Bailout Progress
Greece could use 'Zambia' option as progress on deal unclear
ATHENS, Greece (AP) — Greece and rescue lenders remained at odds over whether the two sides are close to a breakthrough in negotiations, as the International Monetary Fund confirmed Thursday that Athens had the right to ask for "bundled" repayments next month.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
Greek PM holds teleconference with German, French leaders
ATHENS Greek Prime Minister Alexis Tsipras held an hour-long call with German Chancellor Angela Merkel and French President Francois Hollande ...
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| READ THE ORIGINAL POST AT uk.reuters.com |
UN envoy announces steps taken by Greek Cypriot and Turkish Cypriot leaders towards joint ...
Statement delivered by Special Adviser on Cyprus Espen Barth Eide (centre), on behalf of the Greek Cypriot leader Nicos Anastasiades (right) and the ...
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| READ THE ORIGINAL POST AT www.un.org |
After BrusselsGroup impasse, Tsipras speaks Merkel & Hollande via teleconference
Greek Prime Minister Alexis Tsipras had a teleconference call with German Chancellor Angela Merkel and French President Francois Hollande early Thursday evening. The call lasted one hour and it was “in the context of the personal initiatives by the Greek PM to successfully conclude the negotiations with the Institutions, government […]
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| READ THE ORIGINAL POST AT www.keeptalkinggreece.com |
Samaras: Greece 'trapped in the margins of Europe'
Main opposition leader Antonis Samaras on Wednesday said that Greece has been trapped in the marginĪ of Europe during the last four months. New Democracy leader made this statement as on May 27 is the 36th anniversary of the ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Grexit is a possibility, warns head of IMF
Christine Lagarde says deal with Athens is unlikely in next few days, after Greece’s lead negotiator claimed high-level intervention was needed in talksThe head of the International Monetary Fund has warned that a Greek exit from the eurozone is a “possibility” as debt talks reach a critical stage.Christine Lagarde said a deal with Athens was unlikely to be reached over the next few days, as the indebted country strives to meet a 5 June deadline for a €305m (£218m) payment to the IMF. In an interview with the Frankfurter Allgemeine Zeitung, the IMF managing director said: “A Greek exit is a possibility.” Related: Creditors doubtful as Greece predicts bailout deal by Sunday - live updates Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Business chief slams troika over bailouts
The head of the National Confederation of Commerce (ESEE), Vassilis Korkidis said on Thursday to a parliamentary committee investigating Greece’s bailouts that representatives of the troika had only spoken to the organization once since Athens signed its first bailout in 2010 and that during the discussion visiting officials suggested that Greek wages needed to drop to levels similar to other Balkan countries.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Jailed urban guerrilla urges comrades to take up arms
Police are on standby after the jailed leader of Revolutionary Struggle Nikos Maziotis posted a document on an anti-establishment website late on Wednesday, calling for an armed uprising and the takeover of Greece’s Parliament, government ministries and the premises of the Bank of Greece in protest at a pending agreement between Greece and its creditors.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greece rapped by European Court over landfills with 11.4-mln-euro fine
As Greece struggles to scrape together cash reserves to meet its commitments, it faces a fine of 11.4 million euros from the European Court of Justice for failing to close down dozens of illegal landfills in line with European waste management directives.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Moody's says Greek exit would change nature of euro
A Greek exit from the euro would not mark a return to the debt crisis of 2012, but it would create risks of contagion and change the nature of the monetary union, which was supposed to be permanent, a senior Moody's rating analyst said on Thursday.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Six accused over gold mine clashes released from custody
Six people accused in connection with clashes during a protest against the Skouries gold mine in Halkidiki, northern Greece, in September 2012 were released on Thursday after appearing before a magistrate.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greek exit from the euro a 'possibility', says Lagarde
“A Greek exit is a possibility,” Christine Lagarde told the German newspaper Frankfurter Allgemeine Zeitung, adding that it would be “no stroll” but also ...
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| READ THE ORIGINAL POST AT www.ft.com |
Christine Lagarde's strong stance reveals weakness of Greek position
Together, these statements show that while a Greek exit is not the preferred option, it is a realistic proposition for which plans have been made.
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| READ THE ORIGINAL POST AT www.theguardian.com |
Greek Govt: ‘Greece Aims to Clinch a Deal With Creditors by Sunday’
The Greek government’s optimism is based on specific facts and the progress made, government spokesman Gavriil Sakellaridis said on Thursday, during the daily press briefing. The government’s aim is to have an agreement with the partners by Sunday, he noted. The spokesman also suggested that statements by foreign officials saying they did not share the government’s optimism that an agreement is close are “not always neutral with respect to the negotiations underway” and may even be a lever of pressure for concessions in the talks. He stopped short, however, of terming such pressures on Greece “blackmail,” saying that this is a tactic the government will neither accept nor employ. Responding to statements by institution representatives, who said that a lot of work remains to be done, Sakellaridis said the government is not drafting an agreement on its own: “We are not talking about two different documents, we are talking about a common text of the Greek government with the institutions. It is time we wrote on paper the points we agree on,” he said. He added that the government has submitted very realistic and specific proposals, on which the institutions’ technical staff has adopted positions, and that a constructive discussion is underway, “which makes us optimistic that in a short period of time there will be a good outcome and an agreement.” Asked to comment on a European Central Bank (ECB) report claiming that the prospect of a Greek default is drawing near, he said that this is an outcome that all negotiating sides want to avoid and the government is doing everything possible to ensure that such a scenario cannot exist. Sakellaridis also reassured that there is not the slightest reason for concern in relation to banks. Regarding the Balkans’ European perspective, he said that the Greek government has repeatedly stressed its importance. “Bodies imbued with other perceptions undermine this prospect,” he stated. He said that Finance Minister Yanis Varoufakis enjoys the support of the Prime Minister, adding that the government, along with the partners, ensure that there is no possibility of default. Source: ANA-MPA
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Top finance officials debate what's needed for global growth
DRESDEN, Germany (AP) — Economic growth that's not as strong as everyone would like. Volatile markets. A potential financial blowup in Greece.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
Greek Student Among Microsoft YouthSpark Challenge Winners
Greek high school student Nefeli Stefopoulou was one of ten winners at the worldwide Microsoft YouthSpark Challenge for Change competition. Her project managed to stand out among thousands of participants from 100 countries. This year’s 10 winners represented Greece, Chile, Ecuador, India, Nepal, Nigeria, the U.S. and Uruguay. The competition involved high school or college students and graduates from across the world who were invited to contribute their ideas on how they could bring positive change in both their local community as well as the world. Stefopoulou was distinguished due to her work on Project LINC, whose aim is to solve the contamination and lack of water problem faced in several African schools. Her initiative has helped to donate seven water filters that have already been installed in two Kenyan schools, providing drinking water to at least 500 children. “The fact that I am one of the Microsoft’s YouthSpark Challenge for Change winners is a dream come true for me,” said the young Greek after the results were announced. “I feel blessed to have the opportunity to help people who have no access to clean water,” she added. The Challenge for Change competition is part of Microsoft’s global YouthSpark initiative, a way through which the company creates and provides opportunities for education, employment and entrepreneurship to young people from across the globe.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
No short-term deal for Greece as judgment day approaches
ECB governing council member Ewald Nowotny said there was no “legal possibility” for Greece to be given some form of bridging financing.
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| READ THE ORIGINAL POST AT www.telegraph.co.uk |
US stocks fall after drop in China, Greece deadline looms
NEW YORK (AP) — U.S. stocks were modestly lower in afternoon trading Thursday, following a steep sell-off in the Chinese stock market and the approaching deadline for cash-starved Greece to make a debt payment.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
Greek Chutzpah Over Imminent Deal Belies Creditor Denials
Greece once again expressed optimism that the country will reach a deal with creditors in the coming days, only to have that confidence knocked ...
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| READ THE ORIGINAL POST AT www.bloomberg.com |
Mail Fail? Newspaper slammed for ‘sickening’ article on refugees ruining Brits’ holiday
The Daily Mail has caused outrage after publishing an article online about a Greek holiday destination turning into a “nightmare” because it was flooded with refugees from Syria and Afghanistan.Read Full Article at RT.com
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| READ THE ORIGINAL POST AT rt.com |
Greece anxious about tourism this year
Greece was hoping to set a record in tourist numbers this summer, but the turbulent debt crisis has clouded the forecast. Recent disputes over billions in loans for the country are having a negative impact on tourism. The year 2014 saw more tourists than ...
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| READ THE ORIGINAL POST AT www.dw.de |
Chaos on Kos: 300 migrants arrive a DAY... and now they turn on 'incompetent' Greek officials for holidaymakers' misery
Boat people who have descended on the Greek island are holed up in a filthy abandoned hotel with no running water or toilets and are sleeping on makeshift beds. More than 300 are arriving every day.
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| READ THE ORIGINAL POST AT www.dailymail.co.uk |
How big is Greece's debt? In 60 seconds
How big is Greece's debt? The Telegraph Video Desk put it into understandable terms in this 60 second explainer
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| READ THE ORIGINAL POST AT telegraph.feedsportal.com |
IMF head says Greek exit a possibility
That contradicts statements from Greek officials, who have said they believed ... pointing to the ECB's emergency funding programme for Greek banks.
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| READ THE ORIGINAL POST AT uk.reuters.com |
Varoufakis: Agreement on 14 regional airports 'a matter of days'
Greek Finance Minister Yanis Varoufakis on Thursday reassured the Greek Parliament that the government will reach a deal with its partners over the next few days and at the same time an agreement for the exploitation of 14 ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
The National Spelling Bee winner from 2006 tells us how it changed her life
Almost 10 years after winning the Scripps National Spelling Bee, Katharine Close still seems shocked by the experience that took her from her eighth grade classroom to nationally broadcast TV, talk shows, and the White House. "I really couldn't believe it, it actually happening was totally surreal," Close, who goes by "Kerry," told Business Insider. "It's really surreal even now to think that all that stuff happened to me." Close first went to the National Spelling Bee competition as a 9-year-old, after winning her fourth grade spelling bee "almost by accident," she said. The New Jersey native was then given a list of 3,000 words to prep for the regional bee, which she also won, sending her to the national championship to compete against spellers from around the US. Once Close got to Washington, DC, though, the "blind luck" that propelled her through the earlier competitions ran out, as she left the national bee in the second round. "I had come in really confident after winning all these local competitions, and then got blown away by all these intimidating 13-year-olds," she said. However, she explained, after losing that first year, "I just wanted to come back and do better and better." Close would return to the national bee for the next four years, doing better and better each time. Every competition, Close said, she would come back with a broader knowledge base, from both studying on her own time and seeing what kinds of words came up during the bee itself. "From studying, you learn if it's a noun or an adjective it will be spelled a certain way, or if it's from Greek or from Latin it will be spelled a certain way," Close said. "My final year, I just decided to go all out and studied the entire dictionary for six months." It paid off. Close won in 2006 — her last year of eligibility and the first year the bee was nationally broadcast — by correctly spelling "ursprache," a German word meaning a parent language. Speaking to ABC moments after she was crowned winner in the 2006 bee, Close said, "I couldn't believe it, I knew how to spell the word and I was just in shock ... I couldn't believe I would win." As The New York Times pointed out when Close won, she was a notable contestant for "'being a regular kid" who knows "there's more to life than spelling." Close told Business Insider that, surprisingly, the bee does not have a competitive atmosphere. She remembers how one person told her, "you're really competing against the dictionary and not the other kids." The difference in who moves forward in the competition, according to Close, often comes down to luck. "When you get to the top 10-15 kids or even the National Spelling Bee in general, I don't think any one person is better at it then another," she said. Sometimes, though, spellers will get words they don't even know how to approach. Close got such a word the year before she won, getting knocked out of the final round after failing to spell "laetrile," a cancer drug that was used in Mexico during the 1980s. "I'm not even sure now if I could pull it together," she said. Almost a decade removed from the competition, Close is still influenced by her time on the spelling circuit — from her work ethic to the fact that she never needs to use spell check. "It definitely taught me to how to set goals and work incrementally towards them," Close said. Working through the dictionary, for example, was "taking a large goal and breaking it down into little pieces." Although it took her several attempts to win the Scripps National Spelling Bee, Close said she took a lot from the entire experience. "Even as I was disappointed, I learned that if you put in effort you can see tangible results for your work, and that was really invaluable to me as a child," she said. Kerry Close graduated from Cornell University in 2014, and is pursuing a journalism master's degree in Business and Economic Reporting at New York University. [Author's note: Kerry and I worked together at the Cornell student newspaper, The Cornell Daily Sun.]Join the conversation about this story » NOW WATCH: Two models in Russia just posed with a 1,400-pound bear
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IMF's Lagarde: 'possible' Grexit 'probably not the end of the euro'
A Greek exit from the euro "is a possibility," Christine Lagarde, managing director of the International Monetary Fund, told Frankfurter Allgemeine Zeitung in an interview on the sidlines of the G7 meeting of finance ministers of seven major advanced economies in Dresden, ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Tsipras holds teleconference with Merkel, Hollande
Greek PM Alexis Tsipras held a teleconference with the leaders of Germany and France. According to a report on Star TV channel the three leaders spoke for about one hour on the Greek crisis and the negotiating process. enikos.gr
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| READ THE ORIGINAL POST AT en.enikos.gr |
Wall Street lower as Greece, China weighs
Conflicting statements on Greece's long-running debt talks with international creditors added to the pressure of a plunge in China due to fears of ...
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| READ THE ORIGINAL POST AT www.reuters.com |
UPDATE 1-IMF says Greece did not ask to move repayments to end-June
Greece's government aims to reach an agreement with its lenders on a cash-for-reforms deal by Sunday after four months of talks, its spokesman said ...
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| READ THE ORIGINAL POST AT www.reuters.com |
EU's refugee relocation plans desperately need a reality check
Sunrise, sunset: Syrian refugees arrive on the Greek island of Kos. EPA/Yannis KolesidisThe European Commission has announced that it will embark on an unprecedented mandatory emergency “relocation” of 40,000 Syrian and Eritrean refugees. The Commission proposes that women, men and children who arrive in Greece and Italy who “are in clear need of international protection” will be relocated to other EU member states. States will be offered €6,000 per individual relocated. A bold plan driven by Jean-Claude Juncker, head of the Commission, the initiative gives life to proposals within the long-awaited EU Agenda on Migration, announced on May 13. Prompted by the scores of deaths among migrants in the Mediterranean and a clamour from Greece and Italy for EU assistance, the plan also leaves open the possibility of a future relocation scheme, meaning that other states might yet find themselves suddenly dealing with a clutch of new arrivals. Trailing his initiative in a speech to the European Parliament on April 23, Juncker argued that “We cannot leave it solely to the member states directly concerned to manage the relocation of refugees. What we need is shared solidarity.” This grand language of solidarity and humanitarianism is all very well – but a reality check is needed. Relocation, not resettlement Although branded as an “emergency response”, the relocation scheme will in fact be spread over two years. This equates to about 1,500 people per month. To put these numbers into context, more than 200,000 people reached the EU by sea in 2014, four times the number arriving in 2013. According to the International Organisation for Migration (IOM), so far in 2015, almost 78,000 people have reached the EU by sea from Libya and Egypt, with the vast majority landing in Greece or Italy. These numbers are almost certainly an enormous underestimation of the people who set out but die on the way. Worse still, only refugees arriving in Greece and Italy after April 15 2015 will qualify. Refugees arriving before this date cannot be included, leaving thousands languishing in terrible conditions in overcrowded reception centres in landing sites with civil society organisations struggling to provide services or to be returned. Taking a stand. EPA/Patrick Seeger In another little-reported limitation, under the relocation scheme, EU member states are not being required to resettle individuals permanently, but only to process their asylum claims through their national systems. The commission proposes that the Italian and Greek authorities screen arrivals for those who appear to be “prima facie in clear need of international protection” with the assistance of the European Asylum Support Office (EASO) and “other relevant agencies” (as yet undefined). In other words, only those who can quickly demonstrate in potentially terrible reception centre conditions that they would be covered under the terms of the 1951 Refugee Convention will be relocated. Others will either be returned through a voluntary process or be deported. Relocation is not resettlement. No guarantees The relocation quota is based on an article of the Lisbon Treaty, in effect since 2009 but little understood by the general public. The article states: In the event of one or more member states being confronted by an emergency situation characterised by a sudden inflow of nationals of third countries, the Council, on a proposal from the Commission, may adopt provisional measures for the benefit of the member state(s) concerned. It shall act after consulting the European Parliament. The proposed scheme’s implications are far-reaching and possibly permanent. In this climate of proposed naval “pushbacks” and proposals for extraterritorial asylum processing, forced relocation of this nature and on this scale would be a major challenge to the existing global refugee regime. Under the proposals, member states will be proportionally allocated refugees depending on their population, total GDP, unemployment rate, the average number of spontaneous asylum applications they receive, and the number of refugees they resettled between 2010–2014. For it to proceed, a two-thirds majority of member states must agree. While Germany and Sweden have expressed support for the schemehttp://www.thelocal.se/20150527/eu-to-unveil-latest-bid-for-binding-migrant-quotas; others have been reticent or outright hostile. Hungarian Prime Minister Viktor Orban rather bombastically proclaimed: It is a mad idea for someone to let refugees into their own country instead of defending their borders and then to say I will redistribute them among you. This is an unfair and indecent proposal. We therefore cannot support it. Facing an upcoming election in which anti-immigration sentiment is overwhelming, Denmark is exercising its opt-out, allowed under Protocols associated with the Lisbon Treaty. The UK and Ireland have a right to opt in under the same protocols – and while Ireland is opting in, the British government’s response to the current proposals on relocation and resettlement is unsurprisingly deeply negative. Not much of a lifeline: refugees off Malta. EPA/MOAS.EU Dire need The proposed relocation scheme responds to the concerns of EU member states about “burden-sharing” and preventing any more migrants entering their territory rather than putting individuals’ rights first, despite the humanitarian rhetoric. Those who successfully make it to Italy and Greece will have their claims for asylum screened at speed before they are “distributed” to any country which has agreed to participate. While little research has been done on the motivations and journeys of these “boat people”, we know that individuals arriving in Greece and Italy from countries such as Eritrea and Syria are in dire need of humanitarian protection. Equally, we must not forget that the EU Agenda on Migration also contains new security measures aimed at vastly enhancing external border controls. These are designed precisely to keep migrants out of the EU. Plans have already been presented to systematically identify, capture and destroy vessels used by smugglers in facilitating migrants across the Mediterranean as well as even potentially deploying ground forces in Libya. This increased tendency to treat migration and asylum as security issues is undoubtedly the EU’s real agenda – and it inevitably puts the rights of migrants and asylum seekers themselves at risk. Katharine Jones has previously received funding from ILO, IOM and OSF. She is a trustee with the Scottish Refugee Council and Scottish Detainee Visitors.
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| READ THE ORIGINAL POST AT theconversation.com |
Greek Banks Increasingly Rely on ECB Funding
Greek banks have been hit hard by the country's protracted financial crisis and are being squeezed by both a rise in bad loans, due to Greece's ...
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| READ THE ORIGINAL POST AT www.wsj.com |
Cyprus leaders agree on new crossings on divided island
The Greek and Turkish Cypriot leaders agreed Thursday to open more crossing points and link the mobile phone and electricity networks to help restore trust between their estranged communities on divided Cyprus.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
Greek engraver wins euro coin design competition
A new two-euro coin to commemorate the 30th anniversary of the European Union's flag will show a design by a Greek engraver. But the coin may last longer than Greece's membership in the euro zone.
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| READ THE ORIGINAL POST AT www.dw.de |
IMF chief says Greek exit from eurozone a 'possibility'
The chief of the International Monetary Fund has said a Greek exit from the eurozone is a possibility, but would not signify an end to the single currency. In a newspaper interview, IMF chief Christine Lagarde said such a scenario would not be a "walk in ...
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| READ THE ORIGINAL POST AT www.rte.ie |
Wall Street opens lower as Greece, jobs data weigh
REUTERS - U.S. stocks opened lower on Thursday on worries about the possibility of a Greek default and an unexpected rise in weekly jobless claims.
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| READ THE ORIGINAL POST AT www.business-standard.com |
British mother collapsed and died from allergic reaction from sorbet in Greece
Amanda Thompson (pictured), from Rochdale, complained of 'a tingling sensation' in her tongue after eating the strawberry flavoured dessert while on a family holiday on the Greek island of Rhodes
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| READ THE ORIGINAL POST AT www.dailymail.co.uk |
National Bank of Greece : Greek Banks At Risk With Losses And Deposit Outflows
In fact, Bloomberg reported that through mid-May, Piraeus Bank was slapped with private deposit outflows of 1.9 billion euros ($2 billion) .Greek banks ...
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| READ THE ORIGINAL POST AT www.bidnessetc.com |
Migrants Crisis: Greek Coast Guard Rescues 216 People In Aegean Sea
A dinghy overcrowded with Afghan and other immigrants is towed by a Greek coast guard patrol boat into the port on the Greek island of Kos following ...
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| READ THE ORIGINAL POST AT www.ibtimes.com |
Odds Still (Only Just) Favor Greek Deal
Greek government officials have made it clear the country can't come up with the money from its own resources. Indeed, the only way Greece could ...
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| READ THE ORIGINAL POST AT blogs.wsj.com |
A Greek Tragedy
It's fair to say that Greece is now essentially a third world country. Since its first bailout in 2010, the Greek government has been forced to cut spending ...
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| READ THE ORIGINAL POST AT www.forbes.com |
G7 Global Growth Meeting Overshadowed by Greek Crisis
Berlin insists that the G7 is not the correct forum for the Greek dossier, not least because Athens is not represented--but the subject was on everyone's ...
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| READ THE ORIGINAL POST AT www.industryweek.com |
National Bank of Greece : NBG Group: Q1 2015 results highlights
o 90dpd ratio remained unchanged qoq, at 24.3% (32% in Greece) o Domestic NPL coverage ratio increased by 50bp qoq to 60.7% o Domestic 90dpd formation amounted to €336m, mainly due to the reduction in restructurings (down 35% qoq). Ã Despite higher ...
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Greece has not asked to bundle IMF June repayments, official says
Greece has not asked to shift its debt repayments to the IMF to the end of June, a Fund spokesman said on Thursday, adding that talks continue on the next review of Greece's bailout. According to the rules of the International ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Greece wants to stay in the euro — but that won't be enough to stop a Grexit
Despite the recent optimism coming from Athens, it looks like there are still big roadblocks in the way of a bailout deal. The government is running out of cash — it may practically already be dry. It has both pension and salary payments to make at the end of May, and a debt repayment to make to the International Monetary Fund (IMF). If that payment isn't made, the Greek state would technically default. In that case, the European Central Bank (EBC) could pull its credit lifeline to the Greek banking system, and Greece might have to begin the process of leaving the euro. At least, that's the possible chain of events. Most analysts seem to think that in the end, Greece's popular attachment to the euro will stop a Grexit (Greek exit from the eurozone) from happening. They're expecting an 11th hour deal — though the 11th hour seems to be lasting for months. But Gabriel Sterne of Oxford Economics thinks that Greece's strong support for the euro won't be enough to keep it in the bloc. Sterne is also dismissive of the possibility that there's be a "Graccident" — an accidental exit in which the Greek government thinks it has longer than it really does before a default, and the event springs up on them: The Graccident hypothesis is dangerous for Greek asset holders because it implicitly underestimates fundamental differences between the two sides... If Greece exits it will be because the acceptable solutions for each side do not coincide. Each side’s red lines relate to the primary surplus, and by implication debt relief and new lending. And if exit occurs soon, it will partly be because both sides are fed up of can-kicking. In short, a Greek exit won't be an accident. Everyone knows the risks and if it was easier than this to reach a compromise, it would have happened already. The institutions Greece gets its bailout loans from want pretty severe austerity measures and reforms that would make a Thatcherite government happy — while the new Greek government is the most left-wing in Europe's recent history. But most of the people in Greece seem to want to keep the euro, even if the cost is prolonged further austerity. Polls show that even when a return to the Drachma is compared to staying in the eurozone and accepting another strict set of austerity measures, Greece prefers the euro. But as Oxford Economics notes, there's no sign of the Greek public warming to Grexit's alternative either. Syriza main extremely strong in polls, and New Democracy (the previous centre-right government party) have seen their support collapse, though they have the only policy platform which really guarantees that bailout money. Sterne lists other reasons to think Greece might exit: Alexis Tsipras seems to be very popular, and he isn't getting less so as support for his negotiating strategy declines. Any referendum would likely not be phrased as a yes-no question about eurozone membership. It's more likely that the question would be whether to accept whatever austere deal the creditors offer, which could boost support for a "no" vote that would eventually cause an exit. Deutsche Bank is now putting a 70% probability on Greece not paying the International Monetary Fund what it's due on June 5. That's split into a 40% probability that no deal is reached at all, and a 30% probability that even with a deal, the government either won't have the political will or the time to push the necessary reforms through parliament. Oxford Economics' judgement is very similar: There's a 67% chance of a deal being struck, but even if that happens, a 40% chance of it going off the rails and requiring capital controls. In that event (capital controls), the consultancy sees a 70% chance of a Grexit — once Greece shuts itself off from the rest of Europe, it would be extremely hard to come back again.Join the conversation about this story » NOW WATCH: 'The Little Prince' trailer looks better than anything Pixar has made in years
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Coin-cidence! EU trolls Greece with 2-Euro coin, when EZ future uncertain
I would have never thought that the bureaucrats sitting on the chairs of the European union in Brussels were able to do such a trolling to Greece. While the conservative majority of the EU would love to see Greece out from the euro and the EU, while Greece’s eurozone future […]
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| READ THE ORIGINAL POST AT www.keeptalkinggreece.com |
Cuba's parallel currency could provide model for Greece
Bloomberg View columnist Leonid Bershinsky suggests Greece's left-wing government should seriously consider introducing a parallel currency. After all, he argues, Greece can drop it when things improve. The idea of a parallel currency for Greece is worthy of consideration, with even German ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Roubini: ‘Pots of money’ to be found for Greece to pay IMF
Economist Nouriel Roubini said he expects “pots of money” to be found to allow Greece to meet its payment commitments to the International Monetary Fund. “Radical decisions like capital controls, like deposit freezes, like IOUs that have a lot of collateral damage, not ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Greece: technical deal on debt impossible; only political move can unlock funds
Greece needs a political decision to reach an agreement with its creditors, because the so-called "Brussels Group" (technical) talks will not reach a final agreement, Greece's chief negotiator has reportedly told The Guardian. “The [two sides] will never converge ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
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