How the world sees Greece
Greece’s best hope of remaining in the eurozone may now run through Paris, where president François Hollande has emerged as a tireless — and lonely — advocate for keeping Athens in the fold. Even as other eurozone leaders have grown exasperated ...
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Amid a crowdfunding drive to help Greece pay its debt, experts explain what you need to do before contributing to such a campaign.
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… heart, can only dream. But Greeks have experienced the loss of … one country. It is in Greece that the fundamental tensions created … have first broken through, because Greece is a particularly indebted and …
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The German chancellor has managed to keep the eurozone in line on Greece. Her job just got a lot tougher.
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Greeks are standing behind their prime minister. And courting disaster.
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The Greek Finance Ministry had a change in leadership on Monday after Yanis Varoufakis resigned from his post and Euclid Tsakalotos was officially inaugurated as the new Finance Minister. The two men held a joint press conference in which Varoufakis made remarks on his work as Minister and Tsakalotos spoke about the future. Varoufakis had kind words for Tsakalotos, with their academic relationship dating back to more than fifteen years and with whom Varoufakis said he shares a common ideology. The now former Finance Minister also spoke about his aspirations for the Ministry. “We believe that until September there will be a significant blow to tax evasion in Greece. There will be important findings that will be converted into public revenue,” Varoufakis said. Tsakalotos thanked Varoufakis for his kind words as well as for all the work he has done as Minister and insisted that he has improved the country’s negotiations with the institutions. “I am taking over the Finance Ministry at a pivotal moment. I would be lying if I told you that I am not nervous,” he said. The new Finance Minister called Sunday’s referendum result a “historic financial moment” that will be written in European history and expressed his support for the collective efforts to combat the country’s crisis.
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German Chancellor Angela Merkel and French President Francois Hollande held a joint press conference where they addressed the result of the Greek referendum, following their meeting in Paris on Monday. The two leaders said they respect the Greek people’s vote and noted that the negotiation door is still open but also warned Greek Prime Minister Alexis Tsipras that he must present serious proposals during Tuesday’s Euro Summit. “Europe is a whole that has been based on values,” said Hollande and added “In this Europe there is space for solidarity…There is however also a balance between responsibility and solidarity, which should be the guiding line in the next few days.” Hollande also stressed that there is not much time left and the issue needs to be immediately resolved. Merkel emphasized that Tsipras needs to present very specific proposals at the Euro Summit that will help Greece recover, as the necessary preconditions to reach a deal are currently not being met. Moreover she questioned how the eighteen Eurozone members will react to Greece’s choice and she noted that the offer Greece rejected was generous. “We will respect the Greek government and referendum but we will also equally respect the other eighteen [Eurozone member-states]. This is democracy,” the German Chancellor said. “We are a society. We have one currency. We want to preserve it. However, everyone needs to take on this responsibility.” Germany and France are the largest holders of Greek debt, with 68.2 billion and 43.8 billion euros respectively.
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French President Francois Hollande and German Chancellor Angela Merkel will respond to yesterday’s Greek referendum result following a meeting in…
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The European Central Bank (ECB) kept Emergency Liquidity Assistance (ELA) steady for Greek banks but adjusted the haircut on the collateral the lenders offer as security, the ECB said on Monday. Statement from the ECB: The Governing Council of the European Central Bank decided today to maintain the provision of emergency liquidity assistance (ELA) to Greek banks at the level decided on June 26, 2015, after discussing a proposal from the Bank of Greece. ELA can only be provided against sufficient collateral. The financial situation of the Hellenic Republic has an impact on Greek banks since the collateral they use in ELA relies to a significant extent on government-linked assets. In this context, the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA. The Governing Council is closely monitoring the situation in financial markets and the potential implications for the monetary policy stance and for the balance of risks to price stability in the euro area. The Governing Council is determined to use all the instruments available within its mandate.
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Many Greek businesses are struggling: capital controls and two weeks of bank holidays means they have insufficient revenue to pay state taxes. They…
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Spain is open to new bailout talks, that was the position of the Spanish Economy Minister Luis De Guindos as European lenders reeled from the result…
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Stocks fell across the globe in response to Greece's 'No' vote in a referendum on whether to accept the latest bailout package offered by its European creditors. The big loser, amid selling in markets from Asia to Europe to the US, was crude oil. First, the scoreboard: Dow: 17,666.98, -63.13, (-0.36%) S&P 500: 2,063.95, -12.83, (.0.62%) Nasdaq: 4,978.04, -31.18, (-0.62%) And now, the top stories on Monday: Greek voters overwhelmingly rejected the latest European bailout package on Sunday. With all votes counted, the Greek government said that 61% voted "No" on tougher austerity measures, while 39% voted "Yes." Prime Minister Alexis Tsipras praised his country's citizens for rejecting the bailout package, saying that this will now allow him to negotiate better terms with creditors. Meanwhile thousands of people gathered in the streets of Athens to celebrate the results. The European Central Bank announced that Greek banks would not get any more assistance. The ECB will keep its Emergency Liquidity Assistance to Greece unchanged at about €89 billion ($98.38 billion). This will put additional pressure on the banks that are already short on cash and may reopen later this week. The ECB also announced that it will increase the haircuts on collateral accepted by the Bank of Greece. While we saw a lot of volatility following the "No" vote in Greece, the crude oil market has been the biggest loser so far. On Monday, West Texas Intermediate crude oil fell as much as 7.8% to as low as $52.48 a barrel. This is the biggest intraday move for crude oil since February and the lowest price for WTI crude since early April. The euro was also crushed today after the vote, but eventually pared those losses and was around $1.105 to the US dollar near the close, down about 0.5%. As a Grexit appears more and more likely, the uncertainty is taking its toll on Europe. Greece's Finance Minister Yanis Varoufakis said last week that if his country voted "Yes" on the bailout package, he would resign. Despite the "No" win, Varoufakis unexpectedly resigned, in what The New York Times said "appeared to be the first move at conciliation toward Greece's creditors by the government of Prime Minister Alexis Tsipras." Economist Euclid Tsakalotos was tapped to become the new finance minister. In a joint press conference in Paris, German Chancellor Angela Merkel and French President Francois Hollande told reporters that they respect the results of Sunday's vote. While the two clearly were not happy with the "No" vote they maintained that there is still room for negotiation with Tsipras' government. Thus, it's not a guarantee that Greece will be kicked out of the euro. Don't Miss: History has seen worse economic collapses than what Greece is currently experiencing » Join the conversation about this story » NOW WATCH: Someone figured out the purpose of the extra shoelace hole on your running shoes — and it will blow your mind
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Democratic presidential candidate and US Sen. Bernie Sanders (I-Vermont) on Monday applauded the people of Greece for overwhelmingly voting "no" on a bailout proposal from Greece's creditors. “I applaud the people of Greece for saying ‘no' to more austerity for the the poor, the children, the sick and the elderly," Sanders said in a statement after the vote. "In a world of massive wealth and income inequality Europe must support Greece's efforts to build an economy which creates more jobs and income, not more unemployment and suffering." On Sunday, Greek voters overwhelmingly rejected a plan from a group of creditors — including European Central Bank, the International Monetary Fund, and the European Commission — that would've helped the Mediterranean country stay afloat, but also would've imposed more cuts to government spending. In a statement to The Huffington Post last week, Sanders — a self-proclaimed "Democratic socialist" — sided with Greece's left-wing government, railing against Greece's European creditors for imposing the austerity measures that Sanders claims killed growth and perpetuates inequality, hurting poor Greeks the most. “If Greece’s economy is going to succeed, these austerity policies must end,” Sanders told the Huffington Post. “The IMF must give the Greek government the flexibility and time that it needs to grow its economy in a fair way.” Sanders has long held that financial creditors like the IMF are unfair to small, poor countries. In a 1998 House of Representatives Banking and Financial Services Committee hearing, the then-House member sparred with then Federal Reserve chairman Alan Greenspan over the effectiveness of the IMF, slamming the organization for granting loans that included stipulations that made life worse for average citizens living in those countries. "Why in God's name would anyone want to continue along the incredible path of failure that has been the record of the IMF?" Sanders said. "That to my mind, would be insane." Many of the presidential candidates haven't weighed in on the referendum or the Greek debt crisis in general. The US does not have a major role in the negotiations, though the IMF is generally cozy with US government and business interests. Several Republican presidential candidates, including Sen. Lindsey Graham (R-South Carolina), Louisiana Gov. Bobby Jindal (R), and real-estate mogul Donald Trump have warned that the US could be headed toward a Greek-style debt crisis if Congress doesn't reform increasingly expensive entitlement programs like Medicare and Social Security. Since US debt is different than Greek debt, these Republicans' assertions aren't exactly a fair comparison. But the sentiment reflects an appetite within the Republican Party for similar reforms that could cut into the US debt. Graham told Business Insider on Saturday that Sanders was one of the members of Congress who would never support a bipartisan 'grand bargain' entitlement reform package. "You're not going to get Bernie Sanders [to agree on cuts], you're probably not going to get the folks on the right to agree on revenue," Graham said. "We've got to have a bipartisan plan in order to avoid becoming Greece." Jindal called out Sanders more directly on Monday. "If you want a peek into our future with Hillary Clinton or Bernie Sanders, then look at what’s happening in Greece today," he tweeted. But Sanders' outspoken progressive stance appears to be paying off and earning him stripes with the Democratic Party's liberal base. Sanders is rising the polls in the key early-voting states of New Hampshire and Iowa, and one speech last week earned him the largest crowd of any presidential candidate to date.Join the conversation about this story » NOW WATCH: Here's what it's like to have a drink with President Obama
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Europe doesn't need to worry about other countries going the way of debt-ridden Greece. That's because they have implemented reforms, finance and markets expert Bert van Roosebeke tells DW.
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The European Central Bank said on Monday it was keeping the level of emergency credit to Greek banks unchanged, leaving the banks under increasing pressure as they try to cope with cash withdrawals.
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It’s curious that Tsipras has primarily turned to Vladimir Putin time and again, this is a unique situation, Chairman of the Federation Council Committee on International Affairs Kosachev notes
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"It’s definitely true that we didn’t know exactly the answer to the question we were being asked ... so we voted with our hearts"
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The government is considering granting exceptions to capital controls that are fast choking the economy, with importers unable to pay foreign suppliers, even for critical goods.
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US crude has fallen 10% in all over three straight sessions and Brent crude oil over 7% in two consecutive days
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Amid the Greek debt crisis, Business Standard takes a look at other countries and regions' debt from the International Monetary Fund
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(CNN) Greece's affair with the euro began with the grandest of hopes. The country approved the euro in 2001, in time to be among the first countries to ...
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As world focuses on European debt crisis, weakness in another global hot-spot could prove more damaging
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The Netherlands' prime minister, Mark Rutte, said on Monday that Greece will have to accept deep reforms if it wants to remain in the euro zone. In a debate in parliament in the wake of Greece's "No" vote on the terms of a bailout package from its creditors, Rutte said his government was unwilling to give any new funding to Greece unless it committed to reform. "There is no other choice, they must be ready to accept deep reforms." He said that creditors had no plans to draft a new proposal after Sunday's 'No" vote and it was up to the Greek government to come up with a new proposal ahead of a meeting of European leaders on Tuesday.
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On Sunday, Greek voters decisively rejected a proposal from the nation's creditors to swap new refinancing of Greece's 342.5 billion euro in debt in ...
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Delivering on promises will be a monumental task after EU leaders rubbish hopes of conciliation
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As money runs out, the fate of the country's banking system is largely in the European Central Bank's hands
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That a compromise formula always eludes in the last moment in the ongoing negotiations between Greece and the EU administrators is in itself deeply ...
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(CNN) Greece's affair with the euro began with the grandest of hopes. The country approved the euro in 2001, in time to be among the first countries to ...
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Greece has decisively voted "no" or "oxi" in the #greferendum. I mean, decisively. By Sunday afternoon here in the U.S., the election map was a solid ...
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As world focuses on European debt crisis, weakness in another global hot-spot could prove more damaging
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A Greek exit from the euro should be a political, not technical decision
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Low-profile Euclid Tsakalotos takes over from flamboyant Yanis Varoufakis
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Currency traders factoring in probability, instead of mere possibility, of eurozone exit
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The European Central Bank decided today to maintain and to not increase Emergency Liquidity Assistance to Greek banks, despite a request for an allegedly 3 billion ELA increase sent by Greek government on Sunday. Furthermore the ECB decided to “adjust” “haircuts on Greek collateral for ELA, although it did not […]
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The European Central Bank says it will maintain current levels of emergency credit to Greek banks, raising fears that they could soon run out of money. Meanwhile, Athens said it will keep in place its capital controls.
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The move put a swift crimp on Greek leaders' jubilation after winning a landslide endorsement from their citizens to reject Europe's austerity demands ...
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This would make Germany Greece's largest creditor in the eurozone and the country with the most to lose from a Greek default. But because of factors ...
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Heads of governments at odds as Germany and European commission let Greece stew while France, Italy and Spain are impatient for a deal Germany and France scrambled to avoid a major split over Greece on Monday evening as the eurozone delivered a damning verdict on Alexis Tsipras’s landslide referendum victory on Sunday and Angela Merkel demanded that the Greek prime minister put down new proposals to break the deadlock.As concerns mount that Greek banks will run out of cash and about the damage being inflicted on the country’s economy, hopes for a breakthrough faded. EU leaders voiced despair and descended into recrimination over how to respond to Sunday’s overwhelming rejection of eurozone austerity terms as the price for keeping Greece in the currency. Related: Greece debt crisis: ECB tightens screw on Greek banks - live updates The prospects of a happy resolution of this crisis are rapidly diminishing Related: Greek referendum: smart response from Tsipras, but triumph may be brief Continue reading...
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The history of the European Union is dotted with plebiscites where the initial outcome, like this weekend's Greek bailout vote, seemed catastrophic but was eventually resolved.
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Chancellor calls for ‘final go’ at reaching solution as Foreign Office advises UK holidaymakers to take sufficient supplies of medicineBritish holidaymakers with a medical condition should take sufficient supplies of prescription drugs to Greece, George Osborne has said, as he warned of a complete collapse in the Greek economy.Amid growing fears in Whitehall that Greece could tumble out of the euro within days, the chancellor spoke of growing risks as he called on Athens and the eurozone to have a “final go” at reaching a lasting solution. Continue reading...
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Now is the time for firm German leadership on the Greek crisisThis is a moment that demands both clear thinking and swift action by European leaders, qualities not so often displayed in a union usually characterised by ambiguity, complexity and delay. Those are necessary lubricants in everyday Europe, a collective that always has to live with contradictions and differences. But Europe after Greece is not everyday Europe. It is a union perilously close to a disaster that, while certainly not terminal, could be very damaging indeed.Simply put, those leaders, above all Chancellor Angela Merkel, have to decide whether they want to keep Greece in, or whether they will let that unhappy country slip away. If Greece leaves the euro, there is no guarantee that it won’t leave the EU altogether. After the referendum these are no longer speculative possibilities, lying somewhere beyond the latest deadline for this or that repayment. They are here now, right in Europe’s face, needing resolution within a matter of days or, at the very most, weeks. Measures of immediate economic support, putting the Greek economy on hold until then, are probably needed within hours.Europe desperately needs her to transcend her nature, to rise to the occasion and to take decisive charge of the crisis Continue reading...
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As cash becomes more scarce and supermarket shelves empty, Greek people increasingly fear the onset of a siege mentalityIt started with the ATMs. At 11pm on Saturday, several simply stopped dispensing cash. Perplexed at first, Mahi Papaconstantinou moved from one to the next, her blood pressure rising a little as she discovered that each one was blocked. Panicked, the retired civil servant got in her car and headed across Athens towards home. This time she was lucky. “I thought, thank God, €50” she said, shaking her head in disbelief. Continue reading...
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If Europe’s institutions remain unanswerable to its citizens, Greece will be the beginning of the endThe challenge facing Europe today goes far wider and deeper than how to handle a small bankrupt country holding only 2% of the EU’s population. No, the bigger question is this: can Europe handle democracy, however awkward and messy and downright truculent it may be? The answer to that will probably decide whether the euro lives on as the currency of 19 nations.Say what you like about the referendum held in Greece this Sunday, it was democracy at its most raw. Yes, the ballot question was impenetrable, and Alexis Tsipras, the Greek prime minister, came close to urging voters to say oxi (no) to a deal he’d pretty much said nai (yes) to just a couple of days earlier. Yet in the face of the country’s political and media establishment warning Greeks to vote yes – echoing every major European leader (and quite a few faceless ones) – and the shock-and-awe tactics of the European Central Bank in pulling the plug on Greek banks, the country still delivered a loud no to austerity, troika-style.Whatever the charges against Tsipras and Syriza, they are dwarfed by those that could be laid against the eurozone elite Related: This euro is destroying the European dream | Jonathan Freedland Continue reading...
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In such grim times, it’s wonderful to celebrate the collective courage of the Greeks, who – with a leadership capable of offering a vision of a different future - rejected the troika (Greek voters defy Europe, 6 July). Of course it is going to be horrendously tough, but then it would be if they had grovelled and voted yes. We tell our children (albeit with feminist and anti-slaving caveats) that democracy was invented by the Greek city states. This demonstration of democracy in action is surely one of Greece’s finest moments.How can we offer solidarity? Buy Greek products as a positive version of boycotting those of repressive regimes, and, if we have the resources, holiday there in locally owned hotels. Yes, these are very modest suggestions, yet given the utter lack of an alternative vision from Britain’s “left of centre” parties where the centre has drifted so far to the right, practical support of the Greek people might help us believe that there is an alternative. Professor Hilary RoseLondon Related: Greece and Spain helped postwar Germany recover. Spot the difference | Nick Dearden Continue reading...
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In the five months since he came to power vowing to deliver his country from years of biting austerity, Prime Minister Alexis Tsipras has kept Greece and Europe guessing.
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German Chancellor Angela Merkel flew off to Paris on Monday to consult with French President Francois Hollande a day after Greek voters rejected Merkel's signature strategy for getting their heavily indebted country's finances in order.
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greece_flag.jpg Home Page News Page Greece’s economy is in ruins. It is hard to imagine how things could have gone worse. Banks closed, no liquidity, very high unemployment, businesses closing down or fleeing the country, and the brain drain is accelerating. Greece’s economy is in ruins. It is hard to imagine how things could have gone worse. Banks closed, no liquidity, very high unemployment, businesses closing down or fleeing the country, and the brain drain is accelerating. Greece’s economy is in ruins. It is hard to imagine how things could have gone worse. Banks closed, no liquidity, very high unemployment, businesses closing down or fleeing the country, and the brain drain is accelerating. Now the Greek people have voted No in a referendum that some cast as being about whether they would remain in the Eurozone – though many were unclear about what exactly the vote meant. What it certainly means is that the Greek people are deeply wounded by the prolonged recession of the last six years. read more
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emerging_markets.jpg Home Page News Page Between the “no” in the Greek referendum and a sharp drop in oil and commodity prices, EM is starting the week on a bad note. Therefore, we think this is a week to be defensive. There has been limited contagion so far from Europe, in either FX or fixed income markets, but this can change quickly. MSCI EM is testing the March low, and it is on track to eventually test the December low. Between the “no” in the Greek referendum and a sharp drop in oil and commodity prices, EM is starting the week on a bad note. Therefore, we think this is a week to be defensive. There has been limited contagion so far from Europe, in either FX or fixed income markets, but this can change quickly. MSCI EM is testing the March low, and it is on track to eventually test the December low. Between the “no” in the Greek referendum and a sharp drop in oil and commodity prices, EM is starting the week on a bad note. Therefore, we think this is a week to be defensive. There has been limited contagion so far from Europe, in either FX or fixed income markets, but this can change quickly. MSCI EM is testing the March low, and it is on track to eventually test the December low. read more
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Greek voters decisively rejected a bailout proposal that officials in Athens had scorned as "blackmail", giving their government a desperately needed victory in its showdown with European creditors .
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All eyes were on the European Central Bank yesterday after the resounding "No" in the Greek referendum, with the ECB seen as the only institution capable of calming market panic and preventing the Greek economy from collapsing.
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