How the world sees Greece
• Greek chief negotiator: we can't pay without bailout, but will strike a deal if it is "economically viable" • Protests planned across Greece tonight amid rumours of a compromise deal • British government accelerating preparations for Grexit as Bank ...
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The European Central Bank will not be able to provide financial help for Greece if Athens' political negotiations with its creditors definitively break down, Bundesbank President Jens Weidmann said on Wednesday. Greece is running out of money and the ECB has been providing emergency liquidity assistance (ELA) to its banks while a political stand-off continues over an aid-for-reforms deal to prevent a looming default. In an advance copy of an interview to be published on Thursday with Italian daily La Stampa, Weidmann, who sits on the ECB's governing council, said if the talks collapse it was not the ECB's role to keep Greece afloat.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
ATHENS (Reuters) - A few thousand demonstrators rallied in front of the parliament in Athens on Wednesday to protest against austerity and back the leftist government of Prime Minister Alexis Tsipras in its standoff with Greece's international creditors.
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Greece and its creditors publicly blamed one another for an impasse in bailout talks on the eve of a eurozone finance ministers' meeting billed as key to their outcome. Greek Prime Minister Alexis Tsipras lashed at rescue lenders for demanding pension cuts ...
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This foundational scenario for game theory – famously, the expert discipline of Yanis Varoufakis, the Greek finance minister – concerns two prisoners ...
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Almost a year after being elected to the European Parliament, veteran politician of the Greek Left and WWII resistance fighter Manolis Glezos, 92, announced on Wednesday that the time has come for him to finally resign from his duties as an MEP. Glezos’ resignation from the European Parliament will come into effect on the first anniversary of taking his seat on July 8. He will be replaced by SYRIZA Central Committee member Giannis Milios, as Nikos Chountis that preceded on the list of finalists is currently appointed as Greece’s Alternate Minister of European Affairs. In a written statement published on his Movement for Active Citizens website, Glezos stated that he will remain an MEP until July, as he had already revealed after the European elections. “Following the reports regarding my “resignation,” I have to say that I promised that I will submit my resignation to the European Parliament one year after my election. The time has come. My duties will come to an end in July, but until then I remain being a SYRIZA MEP,” he said.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Bank of Greece Governor Yannis Stournaras on Wednesday issued an emphatic call to the government to reach an agreement with the country’s creditors, saying that otherwise it would pave the way for a Greek exit from the eurozone. In the BoG Monetary Policy report Stournaras also expressed concern about the economy’s return to recession this year, recommending the continuation of the fiscal adjustment with an emphasis on cutting tax exemptions.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Bank of Greece Governor Yiannis Stournaras came under attack on Wednesday from Parliament Speaker Zoe Constantopoulou and her SYRIZA colleagues after the central bank issued in one of its regular reports a warning regarding the consequences of the government failing to reach an agreement with its lenders.
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Federal Reserve chair Janet Yellen is speaking live in Washington following the release of the the Fed's monetary policy decision. The Fed did not raise interest rates at its meeting, but the latest "dot plot" suggests that the Fed will raise rates at some point this year. The Fed's latest statement kept more or less the same language with respect to interest rate increases, while the Fed's economic outlook downgraded GDP expectations for this year and indicated a slightly higher range for the unemployment rate in 2015. Yellen started the press conference by reading the FOMC statement. She discussed the weakness in the economic data in the first quarter of 2015, and said there is still some cyclical weakness in the labor market. Although policy will be data-dependent, she said, economic conditions might warrant "only gradual increases in the Federal funds rate." Yellen hit hard on the data-dependency of policy. If the data is stronger than expected, not only will the Fed hike sooner, it will also likely hike faster. The reverse will be true if the economic data is weaker than expected. She emphasized that there are lots of indicators pointing to continued labor market slack (participation, part time employment for economic reasons, etc.) that don't show up in the unemployment rate. With regards to waiting until 2016 for the first rate hike, Yellen pointed to the dot plot. "The participants' views will evolve with the evolving data," she said. Waiting too long could risks overshooting the inflation target, and raising too early risks hampering the recovery, she said. Most participants, she emphasized, think there will be a rate hike this year (based on the Fed "dot plot" released with the statement). That said, that doesn't mean those people's opinions won't change based on the data. But, she also said that too much emphasis is being placed on the first rate hike. More people should be concerned with the full trajectory of rate hikes. There is also "no plan to follow any type of mechanical approach" in terms of how the Fed will raise rates once the hikes begin. When asked about comments from New York Fed president William Dudley about how the Fed should have raised rates higher in the 2004-2006 period, Yellen said perhaps, with the benefit of hindsight. She also noted that inflation is likely to run on the low side for a long period of time. On a question about Federal Reserve accountability, Yellen emphasized that the Fed is one of the most transparent central banks in the world. "I'm not certain what the problem is that needs to be addressed," she said. Asked about international spillovers from a rate hike, she said that the FOMC "cannot promise there will not be volatility... but we can promise to communicate clearly about our policy and our expectations." And with regard to how the markets generally will react to rate hikes, Yellen said, "It is hard to have great confidence in predicting what market reactions to Fed decisions will be." After a question about the housing market, Yellen said that the increase in housing prices "is restoring wealth to many households" who have that as their main asset. But, she said, "at the same time, it's making housing more affordable for those looking to buy." It's at a reasonably low level, still, though. Regarding how interest rates are affecting savers, Yellen said, "When the time comes to raise rates, I do think there will be some benefits that flow through to savers." Asked about Greece, she said that if the country and its creditors don't strike a deal, she thinks the US has limited exposure, however there is "the potential for disruptions that could affect international financial markets," and there "undoubtedly would be spillovers." Asked by the AIG case, in which a judge found that the government acted improperly in its bailout of the insurance giant, Yellen seemed to be teed up for a statement on the issue. She said that the Fed believes its actions were legal and proper. Asked if AIG ruling limits Fed in future, Yellen (correctly) notes Dodd-Frank gave govt new tools to use should another AIG hit. — David Wessel (@davidmwessel) June 17, 2015 As an aside, this meta-indicator probably means good things for the economy: Indicator of improving economy: Back row of Fed press conference, formerly full, now empty. Good for the world when Fed isn't newsworthy! — Neil Irwin (@Neil_Irwin) June 17, 2015 Keep it here as this post will updated while Chair Yellen speaks ...SEE ALSO: Federal Reserve announcement: No rate hike Join the conversation about this story » NOW WATCH: 5 clever iPhone tricks only power users know about
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Greek Prime Minister Alexis Tsipras and Russian President Vladimir Putin are expected to sign a preliminary agreement for Greece’s participation in Moscow’s planned extension of the so-called “Turk Stream” gas pipeline through Greek territory during Tsipras’s visit on Thursday and Friday to Saint Petersburg.
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Head of European parliament says Grexit from euro may also mean leaving EU as Athens admits it cannot pay IMF and Brussels expresses little hope in final talksGreece has put the onus on its creditors to prevent it being forced out of the single currency, warning that an economic collapse on a par with the Great Depression of the 1930s had left it broke and unable to pay its debts.Athens announced on Wednesday that it had run out of money, and would not be able to pay €1.6bn (£1.15bn) owed to the International Monetary Fund (IMF) at the end of this month, on the eve of a meeting of eurozone finance ministers. The meeting is seen as the last realistic chance of striking a deal before Greece’s current bailout runs out in 12 days’ time. Continue reading...
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Expectations are low for significant progress in Greece’s talks with its lenders at Thursday’s meeting of finance ministers in Luxembourg, despite a brief phone call between European Commission President Jean-Claude Juncker and Prime Minister Alexis Tsipras last night.
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The government decided on Wednesday to offer amnesty to tax dodgers who have concealed incomes from the state on the condition they pay a one-off tax of 21 percent on that undeclared money – be it in Greece or abroad.
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The meeting between Greek prime minister Alexis Tsipras and European Commission president Jean-Claude Juncker has started.
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Time is running out for Greece to reach a reform-for-aid deal with its international creditors as Athens does not want to present any new proposals at a meeting of eurozone finance ministers on Thursday, Germany's Foreign Minister Frank-Walter Steinmeier ...
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Lonely Planet just released its Best in Europe list for 2015. The list includes the best places in Europe, the best beaches in Europe, and the best places for family holidays in Europe. These lists were created by a team of European travel experts and aim to highlight European destinations that are lesser known but up and coming versus obvious, already popular destinations. The 10 beaches that made Lonely Planet's list span the continent, from Montenegro to Iceland. 10. Curonian Spit, Kaliningrad, Lithuania 9. Voutoumi Beach, Paxos, Greece 8. Sandwood Bay, Sutherland, Scotland See the rest of the story at Business Insider
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GREECE JITTERS: A day ahead of a meeting of the eurozone's 19 finance ministers, there was little sign of an imminent breakthrough in Greece's ...
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Christine Lagarde has played multiple parts in Greece's debt saga. Now she's prepping for her defining role. At the outset more than five years ago, ...
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| READ THE ORIGINAL POST AT www.bloomberg.com |
Are you wondering why the IMF is standing by Ukraine against Ukraine's creditors, while the IMF is refusing to extend even a smidgeon of an olive branch to Greece? Creditors have loaned Ukraine $70 billion dollars. To receive payment of $40 billion from the IMF, the IMF required Ukraine to convince its creditors to agree with a restructuring plan that would enable Ukraine to raise $15.3 billion out of the $70 billion it owes its creditors. A committee of bond creditors came up with such a plan for settling with Ukraine. In response Ukraine: (1) Passed a law in May 2015 saying the country could unilaterally declare a moratorium on debt repayment to creditors. (2) Finance Minister Natalie Jaresko claimed that the current proposal from creditors would force the government to use $8 billion of Ukranian central bank reserves, and such a withdrawal would be in violation of Ukrainian law, plus the proposal would "damage long-term growth" of the country. (3) And like the Greeks, Ukraine's Finance Minister justified Ukraine's objections to its creditor's repayment terms because the creditors made the debt payment arrangement with a previous government, a government Jaresko called a "dictatorship". Creditors replied that Ukraine's plan would result in a 40 percent haircut on the $70 billion dollars owed them. Russia's Finance Minister Anton Siluanov announced that his country can and will sue under British law if if Ukraine does not repay Russia $3 billion it lent the country by the end of this year. You would think these events would result in the same result that the Greek standoff with creditors has? No? No! The IMF said it will release $40 billion to Ukraine even if the country makes good on its threat to place a moratorium on repayment of its debt to creditors. Greece has not passed a law allowing it to impose a debt moratorium or even made a threat not to repay its debt until today, yet the IMF isn't demanding Greece's creditors take a haircut. The IMF stands firmly behind Greece's creditors. The intervention by the IMF on behalf of a debtor country like Ukraine is extraordinary. And it may land the IMF in hot water with Russia. The IMF's Lending-into-Arrears Policy, the clause that Christine Lagarde used to justify paying the $40 billion to Ukraine in spite of that country's creditors' wishes, prohibits bilateral lending between countries. This IMF technicality could give Russia the right to veto restructuring of Ukraine's debt if the IMF rules say that Russia has standing as an "official creditor". And here, perhaps we come to the real reason the IMF is favoring Ukraine over Greece. True, Ukraine is not a member of the European Union nor the eurozone as Greece is, and Ukraine has been far more cooperative with the IMF than Greece has, and it is not as indebted as Greece. But there is another difference between these countries that could be even more significant. Greece has not been recently invaded by Russia. Russia seized Crimea from Ukraine in 2014. Ukraine might lose more territory to Russia. Bond creditors in Europe and the US do not want this to happen. So here we come to the bigger question. Unlike the World Bank which promotes development of poorer countries, "the IMF is a cooperative institution that seeks to maintain an orderly system of payments and receipts between nations." In other words the IMF is an international clearinghouse used for settling foreign financial transactions among member countries. IMF membership is voluntary. Members pool their funds to back IMF transactions and agree to avoid "practices injurious to the economic well-being of their fellow member nations." So, is it right for the IMF to be over-riding the wishes of voters in one democratic nation while supporting the wishes of voters in another democratic nation--based solely on the IMF's own criteria for repayment of sovereign debts to creditors? Is the IMFs favoritism of Ukraine over Greece purely due to financial policy as claimed, or is the IMF's process actually based on a hidden political agenda? -- 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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Greece’s central bank has issued the clearest warning yet that the country is on course to default on its sovereign debt at the end of the month and crash out of the single currency, while finance ministers across Europe also confirmed they are making contingency plans for a messy ending to the crisis.
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| READ THE ORIGINAL POST AT www.independent.co.uk |
Athens is staring down a tunnel with only a glimmer of light. Europe confronts a scenario of total darkness. Dropping some of the debt is the only way to avoid itGreece could soon steer into a long, dark tunnel with only the faintest glimmer of light at the end. If it doesn’t pay the IMF at the end of this month, finance for its banks could be cut off, forcing Athens to print a new currency. Outside the euro, Greece could find itself without the means to pay for basic imports like fuel and medicine. After a while inflation should start to eat into debts, and a cut-price drachma should lure extra tourists: therein lies that glimmer of light. The difficulty, however, is that to lock in its new competitive edge, Greece would have to run its economy well and increase the efficiency of its industry. If it can’t do these things, and its current predicament hardly inspires confidence, then the relief of devaluation would soon give way to panic about inflation.At least Greece understands that it is approaching a moment of destiny. Europeans elsewhere – who have not suffered a comparable economic collapse or the concomitant spike in suicides – may not realise that they are perched on an ominous brink. Some say that, unlike in 2011, a Greek exit could today be managed. After all, the fire-fighting funds scrambled together back then are now on a permanent footing. Eurozone output is today growing, not shrinking. There are even signs of one or two of the peripheral countries once dismissed as the PIIGS beginning to fly. Greece’s creditors are today essentially public institutions, and so – the voices of complacency continue – there is no longer the same risk of contagion in private markets. They point, too, to the eurozone bond-buying scheme, formally approved by the EU’s top court in Luxembourg this week, which stands ready to douse down the panic that would flare up. Continue reading...
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Lithuania said Wednesday it has decided to resettle up to 250 Syrian refugees, migrants and asylum seekers transferred from Italy and Greece, as the European Union grapples with how to handle a crisis in the Mediterranean.
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Greece warns of ‘uncontrollable crisis’ without a deal with creditors. Meanwhile, in the UK a glitch at RBS causes delays in payments, sparking anger among customers Continue reading...
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With Greece admitting it doesn’t have the money to make repayments to the IMF, will debt relief have to be an essential part of any rescue deal?Everybody knew it, but Athens’s stark admission yesterday that it simply does not have the money to make a €1.6bn (£1.14bn) repayment to the International Monetary Fund at the end of the month underlined just how close the country has come to bankruptcy. For all its defiant swagger, the radical Syriza government simply cannot pay the hefty debts Greece incurred when it was bailed out by the IMF and its European neighbours. Continue reading...
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Greek Prime Minister Alexis Tsipras sees further pension cuts to low earners as a red line his leftist Syriza party will not cross. Greek Prime Minister Alexis Tsipras Greek Prime Minister Alexis Tsipras maintained his refusal to consider further pension ...
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Pension reform is a major sticking point in Greece’s bailout talks. But with 45% of retirees under the poverty line, many wonder how much more they can takeFive years ago, Sissy Vovou’s pension was €1,330 (£953) and landed in her back account 14 times a year: you used to get, she wistfully recalls, a full extra month at Christmas, plus a half each at Easter and for the summer. Now it is a monthly €1,050 – and there are only 12 months in the Greek pensioner’s year. “In all,” she said, “I’ve lost 30% of my income. And I’m one of the lucky ones. I’m in the top fifth; 80% of Greek pensioners are worse off than me.” Retired parents are having to help their adult children. And they’re demanding we cut them even more? It’s just wrong. Related: Unsustainable futures? The Greek pensions dilemma explained Continue reading...
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Greek banks are currently reliant on a loan program offered by the European Central Bank known as Emergency Liquidity Assistance (ELA). This is ...
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“At the moment there's a lot of complacency. You're staring (Greek) default in the face and no one's really panicking,” he said. “The Eurogroup would ...
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A Greek lawyer on the staff of the European Central Bank explored the question in late 2009, before Greece's future in the euro became a serious ...
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Any EU agreement to aid Greece face possible hurdles in Helsinki
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How would the UK be affected by a 'Grexit'?
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One morning we'd wake up and find no Greek news on our website of choice, no links to Greek stories on Twitter, no mention of Greece in European ...
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On the other hand, keeping the spigots open even if Greek defaults on upcoming payments to the International Monetary Fund this month and to the ...
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Tension broke between migrants at the port of Mytilene, Greece, on Wednesday morning, June 17, due to the suffocating situation on the island. The incident occurred when two migrant groups started a brawl that caused several injuries, with about 10 people taken to the local hospital. A pregnant woman was among the injured. Eventually, the situation got completely out of control, with migrants surrounding the Greek Coast Guard offices and trapping officers inside. However, the port and police officers’ calm reaction brought the situation under control. After the episodes, around 1,000 immigrants protested holding placards and shouting slogans. The island’s inhabitants noted that the unsettling situation and tension have almost become part of their daily routine. Mytilene is one of the many Greek islands receiving thousands of illegal migrants from the Turkish coast. After the war in Syria and the tension that broke across the Middle East, the number of migrants has significantly increased, causing great problems to Greek authorities and flooding Greek detention centers. As a result, a large number of migrants are forced to live on the streets or even camp out at the port. Just a few days ago, two ferries transferred some 2,000 migrants from Mitilene to Piraeus. Upon their arrival, the migrants were left to fend for themselves and eventually ended up in downtown Athens, where they remained awaiting State help.
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Almost a year after being elected to the European Parliament, veteran politician of the Greek Left and WWII resistance fighter Manolis Glezos, 92, announced on Wednesday that the time has come for him to finally resign from his duties as an MEP. Glezos’ resignation from the European Parliament will come into effect on the first anniversary of taking his seat on July 8. He will be replaced by SYRIZA Central Committee member Giannis Milios, as Nikos Chountis that preceded on the list of finalists is currently appointed as Greece’s Alternate Minister of European Affairs. In a written statement published on his Movement for Active Citizens website, Glezos stated that he will remain an MEP until July, as he had already revealed after the European elections. “Following the reports regarding my “resignation,” I have to say that I promised that I will submit my resignation to the European Parliament one year after my election. The time has come. My duties will come to an end in July, but until then I remain being a SYRIZA MEP,” he said.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
The debt imposed on Greece and its residents by creditors directly infringes the human rights of Greeks and is “illegal, illegitimate and odious,” according to the preliminary report issued on Wednesday by the Audit Committee on Public Debt. The Greek Parliament earlier released a six-page summary of the Committee’s preliminary findings during hearings conducted since April, when it was convened by Parliament President Zoe Konstantopoulou. The summary stressed that the entire adjustment program imposed on Greece “was and remains a politically orientated program,” while challenged arguments that the policies imposed on Greece aimed to improve its capacity to pay back the debt. It concluded that Greece was the victim of a “premeditated and organized” attack and of a “violent, illegal, and immoral mission” to shift private debt onto the public sector. “All the evidence we present in this report shows that Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement of the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate and odious,” the report said. Among others, the report noted that the unsustainability of Greece’s debt was evident to all involved from the outset, yet Greek authorities and other European governments, with the assistance of the media, had “conspired against the restructuring of public debt in 2010 in order to protect financial institutions.” (source: ana-mpa)
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As Greece moves closer to default, the ECB must decide whether to strictly apply its lending rules and risk making matters worse, or keep money flowing to Greek banks and damage its own credibility.
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Greek Prime Minister Alexis Tsipras had a phone contact with the European Commission President Jean-Claude Juncker on Wednesday. According to reports the two men discussed Thursday’s Eurogroup.
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| READ THE ORIGINAL POST AT en.enikos.gr |
The debt imposed on Greece and its residents by its creditors directly infringes on the human rights of Greeks and is "illegal, illegitimate and odious," according to the preliminary report issued on Wednesday by the Truth Committee on Public ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Russian Finance Minister Anton Siluanov said on Wednesday that the country’s budget did not include plans to offer Greece financial help and that Russia did not plan to hold talks on restructuring Ukraine’s debt.
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Investors cautious as Greek stalemate continues and Fed discusses ratesAs Greece edged closer to default and investors awaited the latest comments from Federal Reserve chair Janet Yellen on the possible timing of a US interest rate rise, leading shares fell back again.The eurozone crisis was again centre stage as the Bank of Greece warned of an uncontrollable crisis unless a deal was agreed with its creditors, while one of the country’s top negotiators warned it had no money to pay the €1.6bn due to the International Monetary Fund at the end of the month without an agreement.With just a hint of Churchill the management statement which accompanies today’s full year results highlights management’s focus on competition. We believe that Betfair is an excellent operator in a highly competitive market but that the valuation may have lost sight of quite how competitive.2014 results were at best fair. On an underlying basis earnings fell significantly and reflected a year of “transition” to the new superfast broadband technology, to be followed by “transformation” in 2015. There are many growth drivers, but a number of possible pitfalls. Valuation is fairly full and we believe that better opportunities for investment may arise, so we have a reduce recommendation. Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Russian Finance Minister Anton Siluanov said on Wednesday that the country’s budget did not include plans to offer Greece financial help and that Russia did not plan to hold talks on restructuring Ukraine’s debt.
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A 58-year-old man who had been sentenced to life in prison for a kidnapping and murder carried out in Greece in 1990 was due to be extradited from Turkey on Wednesday.
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The European Central Bank on Wednesday raised the maximum emergency funding that Greek banks can obtain by 1.1 billion euros ($1.24 billion), a banking source told AFP.
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Archbishop Ieronymos, the head of the Church of Greece, on Wednesday slammed cohabitation agreements, which grant couples living together similar rights to those who are married, describing the pact as “a poor imitation” of marriage.
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Investors cautious as Greek stalemate continues and Fed discusses ratesAs Greece edged closer to default and investors awaited the latest comments from Federal Reserve chair Janet Yellen on the possible timing of a US interest rate rise, leading shares fell back again.The eurozone crisis was again centre stage as the Bank of Greece warned of an uncontrollable crisis unless a deal was agreed with its creditors, while one of the country’s top negotiators warned it had no money to pay the €1.6bn due to the International Monetary Fund at the end of the month without an agreement.With just a hint of Churchill the management statement which accompanies today’s full year results highlights management’s focus on competition. We believe that Betfair is an excellent operator in a highly competitive market but that the valuation may have lost sight of quite how competitive.2014 results were at best fair. On an underlying basis earnings fell significantly and reflected a year of “transition” to the new superfast broadband technology, to be followed by “transformation” in 2015. There are many growth drivers, but a number of possible pitfalls. Valuation is fairly full and we believe that better opportunities for investment may arise, so we have a reduce recommendation. Continue reading...
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Former Greek soccer federation president Giorgos Sarris was banned from leaving the country on Wednesday after his marathon testimony before a state corruption prosecutor who is looking into a major match-fixing scandal.
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Greek stock market investors continued to brace for the worst on Wednesday in the absence of any sign of agreement between Athens and its creditors, with the benchmark chalking up a fourth consecutive day of significant losses.
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The finance minister is a stickler for the rules but the chancellor insists on flexibility
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Greek Finance Minister Yanis Varoufakis said on Wednesday he and his eurozone counterparts were unlikely to reach an aid-for reforms deal at a meeting on Thursday. "Tomorrow we will set the scene for what we consider to be our political ...
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