How the world sees Greece
Jean-Claude Juncker took to the podium in the packed European Commission press room yesterday, but his focus was not the swarms of journalists that had gathered to hear him speak. The commission president’s message was clearly directed at the Greek public.
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Greeks faced an uncertain future on Monday, one day ahead of a deadline for the country's government to pay back 1.6 billion euros to the International Monetary Fund or default on its debts. Greece's banks and stock market remained closed on Monday, after talks between the country and its international creditors broke down over the weekend. Supermarkets, petrol stations and ATMs saw long lines throughout the day. "I can't believe it," Athens resident Evgenia Gekou, told Reuters. "I keep thinking we'll wake up tomorrow and everything will be OK. I'm trying hard not to worry," she added. Thousands of Greeks rallied in Athens on Monday evening to show their opposition against a proposal of international creditors that would free new funds but see strong austerity measures in return. Take a look at some of the most impressive images of the day A protester bears on her wrist the ''NO'' slogan in reference to the forthcoming referendum on bailout conditions set by the country's creditors, during a demonstration in front of the Greek parliament in Athens on June 29, 2015. (ARIS MESSINIS/AFP/Getty Images) An elderly woman, who usually get her pensions at the end of the month, waits outside a closed bank in Athens, Monday, June 29, 2015. (AP Photo/Petros Giannakouris) A man is silhouetted as he stands behind a representation of the the Greece national flag, as he takes part in a protest held by supporters of the NO vote in the upcoming referendum, in Athens on Monday, June 29, 2015. (AP Photo/Daniel Ochoa de Olza) An elderly woman waits outside a closed bank to receive her pension in Athens, Monday, June 29, 2015. (AP Photo/Petros Giannakouris) Protesters take part in a demonstration in front of the Greek parliament in Athens on June 29, 2015. (ANGELOS TZORTZINIS/AFP/Getty Images) A notice at a petrol station reads 'NO Fuel' on June 29, 2015 in Athens, Greece. (Milos Bicanski/Getty Images) Carrying banners calling for a 'NO' vote in the forthcoming referendum on bailout conditions set by the country's creditors, protesters gather in front of the Greek parliament in Athens, on June 29, 2015. (LOUISA GOULIAMAKI/AFP/Getty Images) -- 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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This is the defining political moment for the eurozone – is it an economic confederation or a continent nation with member states? The Greek crisis is the political corollary to the financial crisis of 2008-09. The financial crisis revealed the ECB as more currency board than central bank and led [...]
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Will the Greece-driven drop give way to another wave of buying in the rally that hasn't stopped?
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Greece will not make the 1.6 billion euro debt payment that it owes the International Monetary Fund on Tuesday, an announcement that appears to set the country on a path to default and heightens fears of financial collapse and a Greek exit from the eurozone. Long lines formed at ATMs in Greece on Monday, as banks were ordered to restrict withdrawals to 60 euros per person a day. "I've got five euros in my pocket, I thought I would try my luck here for some money. The queues in my neighborhood were too long yesterday," plumber Yannis Kalaizakis told Reuters outside an empty cash machine in central Athens on Monday. Dozens of pensioners were turned away from the Greek national bank after hearing erroneous rumors they could take out their pensions, reported Reuters. Supermarkets and petrol stations reported critical shortages. Only one day remains before the end of the bailout program between Greece and its international creditors -- the IMF, European Central Bank and European Commission. Over the weekend, the ECB denied a request from Greek Prime Minister Alexis Tsipras to extend the program until Greece could hold a national referendum July 5 on the terms of the bailout extension. Tsipras' surprise move signaled a breakdown in months-long bailout negotiations to release a 7.2 billion euro portion of bailout funds that the country needs before Tuesday's payment deadline. This latest development in the ongoing debt crisis comes while Greek banks remained closed and capital controls restricting cash withdrawals from ATMs were imposed across the country. A street vendor sells greek flags in front of the Greek parliament in Athens on June 29, 2015. (LOUISA GOULIAMAKI/AFP/Getty Images) European Commission chief Jean-Claude Juncker warned Greeks on Monday that voting "no" to a bailout deal in the upcoming referendum would set them on a course to leave the euro. While Juncker had harsh words for the Greek negotiators -- saying he felt "betrayed" -- the EU chief cautioned a deal could still be done. French President Francois Hollande, British Prime Minister David Cameron and Italian Prime Minister Matteo Renzi all issued separate statements echoing Juncker's warning. German Vice Chancellor Sigmar Gabriel also said that a "no" vote would mean exit from the eurozone. Germany is Greece's largest creditor, and the current debt debacle has put renewed scrutiny in recent days on German Chancellor Angela Merkel's strict austerity policies and her hand in the crisis. German Chancellor Angela Merkel speaks to the media on June 29, 2015 in Berlin, Germany.(Photo by Sean Gallup/Getty Images) The uncertainty over the future of Greece's place within the eurozone had a rattling effect on global markets as they opened this week, sending stocks down around the world. Credit rating agency Standard & Poor also downgraded Greece's already dismal CCC rating to a -CCC. As night fell in Athens, a large crowd of around 13,000 pro-government protestors gathered to back a "no" vote in the referendum and chant in support of Tsipras. The demonstrators gathered outside Greece's Parliament to show their opposition to the creditors desired reforms, in what The Associated Press reported was the largest referendum rally yet. Carrying banners calling for a 'NO' vote in the forthcoming referendum on bailout conditions set by the country's creditors, protesters gather in front of the Greek parliament in Athens, on June 29, 2015. (LOUISA GOULIAMAKI/AFP/Getty Images) -- 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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WASHINGTON — President Obama and his European counterparts are urging Greece to resume negotiations over its debt crisis amid fears that the ...
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Game over. The euro as we know it is coming to an end. It is no longer clear whether we are talking about a proper monetary union or about a system of fixed exchange rates. This situation was to be anticipated. The different member countries no longer trust each other. It is impossible to build a monetary union when there are so many differences of opinion and so much divergence. We knew already that the design for the euro was institutionally incomplete. The monetary union launched in 1999 lacked a banking, fiscal, and political union to back it up. But at the very least, we were all expecting the management of the euro crisis to be a bit more competent. It is a pity to realize that European politicians and technocrats have misunderstood the nature of the crisis and taken the wrong measures to overcome it. And thus we come to this bizarre situation in which a member country has established capital controls. It is unprecedented and tragic. The Greek fiasco reveals that the monetary union exists only in the imagination of European citizens, politicians and technocrats. Investors have a very different view. The situation created by the Greek debacle is devastating to the hopes of so many people, especially the unemployed. Greece's population will suffer immensely because it finds itself between a rock and a hard place, namely, the monetary union and the demand for austerity measures. Rich Greeks, to be sure, have already taken their money out of the country, and will probably benefit from the fallout because they will bring into the country fresh money and purchase devalued assets once the fog dissipates. This crisis is not purely the result of Greece's failure to improve its competitiveness and establish a minimally functional state with the ability to collect taxes. The crisis is also the result of Europe's failure to overcome its disagreements. We already had proof of this problem in the mishandling of the crisis in Ukraine and the pusillanimous attempts to address the human drama of immigration from Africa, which has already claimed so many lives. Europe does not really exist as an entity, only as a collection of mutually suspicious states. If it exists, it does not appear to have the ability to make decisions and tackle problems. Austerity policies lie at the heart of the problem. Germany's intransigence about balanced budgets is actually counterproductive. In a tightly integrated trade bloc, if every country pursues austerity, there is no slack demand to stimulate growth. Germany and the other surplus economies should serve as the locomotives through public, and especially, private spending. Europe is at the mercy of forces spinning out of control. The growth of emerging economies, an aging population, right and left extremism, and political corruption are threatening its future. Left-wing populism is right now the most immediate challenge because it has the potential of destroying the European project, as the case of Greece demonstrates. Europeans in other countries should take good notice before casting their vote at the next election. What will happen next? The unemployed face years of suffering. There will be more European summits, and more commitments that nobody will fulfill. The Greek problem may be fixed in the short run, but at the expense of a long-term solution. The Eurozone needs to be founded a second time, including only the countries that have the institutions and the desire to be part of a true monetary union. The countries that are not committed to investing in the future and regaining their competitiveness would be better off with a currency of their own. This post originally appeared on HuffPost Spain 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.
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One of the main purposes of modern governments is to maintain social and economic stability. The degree of uncertainty and uproar that currently characterizes Greece from a social and market standpoint reflects Syriza's despicable job of doing what it was elected to do. Unless Greece's ruling officials are willing to take a step back and put the interests of their country ahead of their personal and partisan party objectives of getting a deal (or lack thereof) done, the worst is surely yet to come. Tsipras has one last chance to shift the tide of the looming crisis that could hit the country before the proposed referendum on July 5th. The referendum, presented to the Greek people with "negative advice" according to Eurogroup president Jeroen Dijsselbloem, sets the stage for a disaster. Direct democracy and referenda are a bad idea to begin with. The average citizen (Greek or otherwise) is simply not informed enough to make decisions about complex political and economic issues, especially ones that could decide the fate of a country for the foreseeable future. Even if people were informed and educated enough, how could they be trusted to choose the decision that is in the interest of the country and not their own? The issue at hand is complex and difficult to explain in layman terms, let alone vote on in one week. Instances like this set the stage for the Dunning-Kruger effect: where unskilled individuals face illusory superiority, mistakenly assessing their ability to be much higher than is accurate. This is not only wrong, it is dangerous-- not only are incompetent people unable to realize that they are incompetent, they are also not able to realize genuine competence in others, leading them to mistake populism and pseudo-nationalism for intelligence. The main objective of democracy (a Greek idea, by the way) is that people have the power through representation. Greek citizens elected the current government assuming that it will act on their behalf and in their best interest. However, the repeated and dangerous mistakes Syriza has committed indicate that the Greek people have been duped to support a party that is based not only on cheap, but also harmful populism. Should the result of the referendum be "no" to the current proposals, Syriza is likely to claim victory in defeat but the reality will prove otherwise. After the markets open, investors in Greek securities and government bonds will experience a sharp selloff in the stock market, according to Mohamed A. El-Erian, ex-CIO of PIMCO. What is sure to happen is an opposite textbook scenario of Dalio's "beautiful deliveraging." Such a deleveraging consists of some austerity, some debt restructuring, and some printing of money. If done right, the result is optimal. If done wrong, as is the current scenario, the result could be complete chaos. The pragmatic proposal that no one has yet put forward ought to be one that supports the nation's difficult but necessary path to structural reform and economic growth fit of Eurozone standards. In order to truly put the interests of Greece in mind, the ruling party ought to sacrifice their (perceived) popularity and reach a deal with their creditors. Once they do that, Syriza might have a chance at saving Greece. Until then, the easy (and unfortunately more likely) path, is a crisis of mammoth proportions. -- 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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Uncertainty rattles global markets
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It wasn't that long ago that Austan Goolsbee worked in the White House, as President Obama's top economist, and a financial crisis in Greece was threatening the global economy. Now Goolsbee is back teaching at the University of Chicago, Obama is halfway through his second term ... and Greece is rearing up again.Read full article
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Over the weekend, Greek prime minister Alexis Tsipras called a referendum, putting the fate of Greece in the hands of the public, and imposed capital controls, limiting how much cash locals can withdraw from ATMs. Meanwhile, the deadline looms for Greece ...
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Stavros Koukiadakis, a diminutive trader who sells meat in Athens’ Varvakeion Agora markets, ponders the situation Greeks find themselves in today. His father, he says, worked in the meat market since the fall of the Greek junta in 1974. He says the only crisis that can compare to this is Chernobyl – a nuclear cloud threatening all of Europe. “At least back then people had money on them.”
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A common refrain in Madrid is that “Spain is not Greece”, meaning it is wrong to approximate Spain’s economic troubles with those of Greece in recent years. And it is a fair point. Spain is one of the fastest growing economies in the eurozone, while other indicators suggest that, albeit slowly, the Spanish economy is emerging from the credit crisis.
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Greece is edging inexorably towards an exit from the euro as it is poised to become the first developed nation to default on money owed to the International Monetary Fund.
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Three of Greece’s opposition parties have declared their support for remaining inside the eurozone on the terms proposed in next weekend’s snap referendum, thus effectively backing a plan the government itself had attempted to negotiate, but from which it eventually walked away.
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As panic returned to the markets along with the C-word – contagion – Italian commentators feared a return to the bad days of late 2011, when Italy appeared itself to be heading for a financial cliff. By the afternoon on 29 June, Milan’s stock exchange was down almost 5 per cent and government borrowing costs surged.
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Like its opposite numbers in neighbouring Spain, the Portuguese government has been at pains to say that its economy, which like Greece needed European assistance four years ago, is now on the mend: if disaster strikes in Athens, the Portuguese economy will not be next, officials insist.
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Q | Why is 30 June the moment of truth for Greece?
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The Greek government has announced the question its citizens will be answering in the upcoming referendum. But the ballot paper, which isn’t exactly crystal clear, has sparked some head-scratching.
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Greece is edging inexorably towards an exit from the euro as it is poised to become the first developed nation to default on money owed to the International Monetary Fund.
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Three of Greece’s opposition parties have declared their support for remaining inside the eurozone on the terms proposed in next weekend’s snap referendum, thus effectively backing a plan the government itself had attempted to negotiate, but from which it eventually walked away.
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Like its opposite numbers in neighbouring Spain, the Portuguese government has been at pains to say that its economy, which like Greece needed European assistance four years ago, is now on the mend: if disaster strikes in Athens, the Portuguese economy will not be next, officials insist.
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Over the weekend, Greek prime minister Alexis Tsipras called a referendum, putting the fate of Greece in the hands of the public, and imposed capital controls, limiting how much cash locals can withdraw from ATMs. Meanwhile, the deadline looms for Greece ...
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Greece's left-wing government will respect a Greek decision to press ahead with austerity long-term, "but we will not be the ones to carry it out," Prime Minister Alexis Tsipras said on Monday. Tsipras said the result of a referendum on a reform-for-aid deal with international creditors would be implemented, whichever way it goes.
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With all the talk of Greek bailouts and the possibility that the country could default on its debts to overseas creditors - the International Monetary Fund (IMF) included - and potentially exit of the euro, my thoughts turned to what tunes that could be played on the radio should such an event happen.
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Portugal’s PSI120 stock index closed 5.22% down this afternoon at 5,530.50 points in a Europe-wide reaction to uncertainty in Greece. Portugal’s main index performed the worst among its European peers all of which ended the day sharply lower with losses varying between 1.97% in London, 4.56% in Madrid - even Frankfurt was down 3%.
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BRUSSELS (AP) — The prime minister of China, the European Union's No. 2 trading partner, called Monday on Greece and its creditors to reach a last-minute deal that will allow Greece to remain in the eurozone.
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With the Greek debt crisis at the forefront of the minds of many European leaders, German Chancellor Angela Merkel called an emergency meeting with…
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Over the past five years, the EU and the IMF have imposed unprecedented austerity on Greece. It has failed badly. The economy has shrunk by 26%, unemployment has risen to 27%, youth unemployment to 60% and the debt-to-GDP ratio jumped from 120% to 180%. The economic catastrophe has led to a humanitarian crisis, with more than 3 million people on or below the poverty line (The moral crusade against Greece must be opposed, Opinion, 29 June).Against this background, the Greek people elected the Syriza-led government on 25 January with a clear mandate to put an end to austerity. In the ensuing negotiations, the government made it clear that the future of Greece is in the eurozone and the EU. The lenders, however, insisted on the continuation of their failed recipe, refused to discuss a writedown of the debt – which the IMF is on record as considering unviable – and finally, on 26 June, issued an ultimatum to Greece by means of a non-negotiable package that would entrench austerity. This was followed by a suspension of liquidity to the Greek banks and the imposition of capital controls. Continue reading...
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Tourists in Greece worry about ATMs and credit cards but most holidays unaffected
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Greeks stood around outside shuttered banks as a new week began during which Tuesday's IMF payment of 1.6 billion euros won't be paid, and by next…
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While shopkeepers, bar and restaurant owners struggle to make ends meet before banks reopen, supermarkets and petrol station owners see roaring trade“It’s been crazy today,” said the attendant reaching for the dispenser nozzle, as yet another car pulled into the forecourt of the little petrol station in the backstreets of northern Athens. “We haven’t stopped working. It’s been worse even than on Saturday.” Her problem on Monday may have been too many customers. But for Giorgos Chronopoulos, owner of the Eiyo sushi bar in well-off Erythrea, it was just the opposite. “So far today, my profits are down 30%,” he said. “On Sunday, they were 50% down and on Saturday 40%.” Continue reading...
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NEW YORK (AP) — US stocks have worst day of the year as investors worry about fallout from Greek debt crisis.
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World stock markets sold off heavily today as high-stakes negotiations between Greece and its many creditors entered their 11th hour with no deal in sight.
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Caught between a history of resistance and defiance and fears of being cast out of the eurozone, Greeks are facing a dilemma of immense proportions Greece’s fate hangs in the balance, its government is on the line and its people face a dilemma that no nation would want to confront. Did Alexis Tsipras, the firebrand leftist in power in Athens, really intend this? Was his decision to call a referendum impetuous or even bone-headed? Or was Europe’s first democratically elected anti-austerian playing at such dark arts when he decided to put the terms of further financial assistance to popular vote, that he will ultimately go down as a master tactician? Continue reading...
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On Sunday the people of Greece can hit back at the eurozone’s busted economic system that is slowly strangling them. Their battle is ours tooEurope’s top politicians agree that the Greeks will vote this Sunday on one of the most important questions facing any nation. Yet they can’t settle what that question actually is. For Alexis Tsipras, the Greek prime minister, it is about whether his people will tolerate any more “strict and humiliating austerity”. Not so, says Germany’s Angela Merkel. She reckons the Greeks are choosing between staying in the euro and returning to the drachma. The stakes are raised higher still by the boss of the European commission, Jean-Claude Juncker: come next weekend, “the whole planet” will find out whether Greece wants to remain in Europe.All of these may be correct, but each swerves the central importance of the moment. The reason to watch Greece this week is because a population of 11 million will hold a contest that the rest of us may one day also get to stage: a fight between democracy, and a broken political and economic system.Given the hard choice between slow death and stepping into an abyss, I might be tempted to take the second Continue reading...
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A nightmarish outcome, in the eyes of Brussels and Berlin, would see Syriza returned to powerReferendums settle matters definitively, right? Not in Greece. Both outcomes next Sunday – rejection of the creditors’ proposals and acceptance – would raise as many questions as they answer.A yes vote – the more likely outcome, according to the polls – would mean the fall of the Syriza-led government. Prime minister Alexis Tsipras would have led negotiations his party regards as a failure. He would have campaigned for rejection of the creditors’ proposals. He would have lost, in Brussels and at home. A general election would follow. Continue reading...
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World stock markets sold off heavily today as high-stakes negotiations between Greece and its many creditors entered their 11th hour with no deal in sight.
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A nightmarish outcome, in the eyes of Brussels and Berlin, would see Syriza returned to powerReferendums settle matters definitively, right? Not in Greece. Both outcomes next Sunday – rejection of the creditors’ proposals and acceptance – would raise as many questions as they answer.A yes vote – the more likely outcome, according to the polls – would mean the fall of the Syriza-led government. Prime minister Alexis Tsipras would have led negotiations his party regards as a failure. He would have campaigned for rejection of the creditors’ proposals. He would have lost, in Brussels and at home. A general election would follow. Continue reading...
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NEW YORK (AP) — US stocks have worst day of the year as investors worry about fallout from Greek debt crisis.
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While shopkeepers, bar and restaurant owners struggle to make ends meet before banks reopen, supermarkets and petrol station owners see roaring trade“It’s been crazy today,” said the attendant reaching for the dispenser nozzle, as yet another car pulled into the forecourt of the little petrol station in the backstreets of northern Athens. “We haven’t stopped working. It’s been worse even than on Saturday.” Her problem on Monday may have been too many customers. But for Giorgos Chronopoulos, owner of the Eiyo sushi bar in well-off Erythrea, it was just the opposite. “So far today, my profits are down 30%,” he said. “On Sunday, they were 50% down and on Saturday 40%.” Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Caught between a history of resistance and defiance and fears of being cast out of the eurozone, Greeks are facing a dilemma of immense proportions Greece’s fate hangs in the balance, its government is on the line and its people face a dilemma that no nation would want to confront. Did Alexis Tsipras, the firebrand leftist in power in Athens, really intend this? Was his decision to call a referendum impetuous or even bone-headed? Or was Europe’s first democratically elected anti-austerian playing at such dark arts when he decided to put the terms of further financial assistance to popular vote, that he will ultimately go down as a master tactician? Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Greeks stood around outside shuttered banks as a new week began during which Tuesday's IMF payment of 1.6 billion euros won't be paid, and by next…
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| READ THE ORIGINAL POST AT www.euronews.com |
With the Greek debt crisis at the forefront of the minds of many European leaders, German Chancellor Angela Merkel called an emergency meeting with…
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Country struggles on face day of capital controls Continue reading...
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According to the media reports, the Greek government won't pay a loan instalment to the International Monetary Fund due on Tuesday. Officials in Athens reportedly confirmed they don't have the money.
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Lenders estimted to have lost nearly €48bn — 27% of domestic deposits — since November
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Greeks have come to resent the EU’s interference in their domestic politics
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Call for Brussels action to prevent shortages amid fears euro exit would disrupt supply chain
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Greece must make a loan repayment on Tuesday.
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