On the geographic fringes of the European Union, having long been under the shadow of Russia, Finland doesn’t always take center stage.
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How the world sees Greece
Wednesday, July 15, 2015
With Greek bailout deal, Europe's east and north flex their muscles
Rallies Held in Athens Ahead of Bailout Vote – Rioters Clash With Police Outside Greek Parliament
Clashes broke out between police and rioters around the Greek Parliament in downtown Athens on Wednesday. Greek lawmakers are now convening in parliament to vote on the provisional bailout deal that would bring more austerity measures and reforms in exchange for an estimated 86 billion euros. 13,000 people reportedly participated in Wednesday’s rallies in protest of the bailout deal. Clashes broke out after unionists marched and arrived outside Greece’s parliament. Police then clashed with people who were reportedly not part of the rallies. Riot police used tear gas against 100-150 people who threw small objects as well as molotov cocktails toward them.
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Greece Nears Vote on New Bailout Package
The country remained committed to a package it negotiated over the weekend with its European creditors, despite a warning by the International Monetary Fund that it might not back the plan.
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French MPs Overwhelmigly Approve Greek Bailout Deal
French lawmakers approved the new Greek rescue package on Wednesday with Prime Minister Manuel Valls saying the controversial bailout-for-reforms deal was the only way out of the crisis. The agreement, reached by the eurozone leaders over the weekend after 17 hours of negotiations and meant to prevent Greece's economy from collapsing, was approved in a 412-69 vote in the National Assembly, the lower house of the French parliament. The upper house, the Senate, backed the deal by 260 votes to 23. In an emotional speech in parliament Valls said the deal, which is imposing further austerity measures on Greece in exchange for a three-year bailout worth up to EUR 86 B, was the only way to create opportunities to revive the Greek economy. The bailout "is vital to give Greece the breathing room it needs to imagine a future that's not only about paying back its debt," Valls said, according to AP.
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Tensions high over Greece bailout
GREECE’S Alternate Finance Minister has resigned in protest over the austerity measures the country is asked to implement in exchange for a bailout.
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Weak Euro Benefits Germany According to IMF
While the euro has increased in value over the last year, news of financial troubles for Greece have led to heavy fluctuation in its value over the last six months. The trend toward a weaker euro may be bad news for other European nations, but may actually boost the German economy. (adsbygoogle = window.adsbygoogle || []).push({}); According to the International Monetary Fund (IMF), a weak euro and lower energy prices are actually supporting the German economy. This support, in turn, has given Germany the opportunity to bolster medium-term growth and reduce external imbalances, said the IMF. While the euro has increased in value over the last year, news of financial troubles for Greece have led to heavy fluctuation in its value over the last six months. The trend toward a weaker euro may be bad news for other European nations, but may actually boost the German economy. While the euro has increased in value over the last year, news of financial troubles for Greece have led to heavy fluctuation in its value over the last six months. The trend toward a weaker euro may be bad news for other European nations, but may actually boost the German economy. read more
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Greece's Parliament Poised To Vote On Austerity Measures
The agreement struck this week with the country's creditors is expected to pass with support from the opposition, but the vote is tearing apart the ruling left-wing Syriza party.
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US indexes edge lower; energy stocks drop with falling oil
NEW YORK (AP) — U.S. stocks moved lower in afternoon trading Wednesday as energy stocks fell following another sharp drop in oil prices. Investors were also waiting for the outcome of a vote in Greece that will determine whether the Mediterranean nation will accept austerity measures in exchange for more loans from its creditors.
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Protesters clash with police before Greek parliament votes on bailout
By Renee Maltezou and Angeliki Koutantou ATHENS (Reuters) - Protesters threw petrol bombs at Greek police outside parliament in Athens on Wednesday as lawmakers prepared to vote on a painful austerity package that European creditors have demanded in return for a new bailout to keep the country in the euro. The clashes, the most serious Greek street violence in three years, erupted as Prime Minister Alexis Tsipras was struggling to contain a backlash in his own leftwing party against the deal that he was forced to accept after gruelling talks in Brussels earlier this week. More than half of the ruling Syriza party's 201-member central committee signed a statement rejecting the "humiliating" terms of the bailout, saying it was not compatible with the principles of the political left.
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Violent protests as Greek parliament debates austerity bill
Protesters clashed with police in front of the Greek parliament on Wednesday, ahead of a vote on an austerity bill that will condemn the country to years of more budget savings in exchange for a desperately needed bailout.
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Resolving the Greek Debt Crisis — Crucial Next Steps
Leaders face political pressure to deliver on commitments of a bailout deal, starting with passage of measures to up value-added taxes and cut pensions.
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European Commission reveals 35-billion-euro plan to support jobs and investments in Greece
#economy
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| READ THE ORIGINAL POST AT en.enikos.gr |
Clashes in Athens as Greek MPs debate bailout
Petrol bombs were thrown at police who responded with tear gas A protester is arrested by police during a demonstration in Athens Clashes erupted in Syntagma Square Nadia Valavani submitted her resignation in a letter to Prime Minister Alexis Tsipras ...
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Greece's Lessons for an Indebted World
Capital Account: While sovereign defaults tend to occur in waves, Greece’s recent woes needn’t be shared by other troubled countries, writes Greg Ip.
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| READ THE ORIGINAL POST AT www.wsj.com |
GREECE LATEST-Protesters clash with police at anti-austerity march
1833 - Greek anti-establishment protesters threw dozens of petrol bombs at police in front of parliament ahead of a key vote on a bailout deal, in some of the most serious violence in over two years. 1824 - Greek Prime Minister Alexis Tsipras called the ...
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Tear gas v petrol bombs: Clashes mar massive Greek protest against bailout deal
Clashes have erupted outside the Parliament in the Greek capital. Police have deployed pepper spray and tear gas against protestors hurling Molotov cocktails and rocks during an anti-austerity rally attended by thousands.Read Full Article at RT.com
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Greece: IMF puts pressure on Germany
The International Monetary Fund (IMF) has warned that Greece needs large-scale debt relief and that without it, it may not participate in Greece’s bailout agreed during the last Euro Summit. The IMF statement raised pressure on Germany and came just hours before the Greek parliament should vote on the third bailout package by Wednesday night […]
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Inside Germany's Destructive Anger Toward Greece
A deal has finally been reached that could keep Greece in the eurozone.Few are happy with the outcome. We’ve heard a lot about how the Greeks feel humiliated. But we’ve heard less about German anger, and we know they are angry. -- 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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Greek protesters throw petrol bombs in clashes with police at anti-austerity march
Greek anti-establishment protesters threw dozens of petrol bombs at police in front of parliament on Wednesday ahead of a key vote on a bailout deal, in some of the most serious violence in over two years. Police responded with tear gas, sending hundreds ...
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More than half of Germans support Merkel's tough stance on Greece
A poll conducted in Germany has found that more than half of Germans agree with Chancellor Angela Merkel's position on negotiations with Greece.
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| READ THE ORIGINAL POST AT www.independent.co.uk |
Greek debt crisis: Alexis Tsipras hopes to win bailout vote as protests turn violent
Embattled prime minister fights to outflank opposition to eurozone agreement as riot police use teargas on demonstrators outside Athens parliamentAlexis Tsipras is fighting for his political life as he seeks parliamentary backing for the severe austerity measures Greece has pledged to take in exchange for a fresh bailout from its eurozone partners.The Greek prime minister urged his Syriza colleagues to support him in the make-or-break vote on Wednesday night, even as the International Monetary Fund – and his own former finance minister and right-hand man Yanis Varoufakis – savaged the deal struck in the early hours of Monday morning. Related: Eurozone bailout deal: what do ordinary Greeks think? Continue reading...
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Greek crisis: why the European commission is planning a €7bn emergency loan
Money from an EU bailout fund would enable Athens to meet debt obligations and other expenses of the government such as wagesThe European commission has proposed a €7bn (£4.9bn) emergency loan for Greece from an EU bailout fund, defying the UK and other non-eurozone countries that object being on the hook for a crisis in the currency union.Didn’t EU leaders just agree to an €86bn bailout for Greece? Related: European commission proposes using UK contributions towards Greek bailout Continue reading...
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Greek bailout hanging by a thread
Greek Prime Minister Alexis Tsipras faces skeptical lawmakers in Athens, as Germany continues to resist debt relief
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This soldier-turned-commodities trader backed by Paul Tudor Jones is buying up all the goods from the banks
As Wall Street banks scale down proprietary trading in order to comply with new regulations, new people are moving onto the other side of those sales. One of those people is a former special operations soldier turned commodities trader, William Reed, and he's got the backing of some pretty important names in the industry, reports Bloomberg's Javier Blas and Andy Hoffman. Reed's Castleton Commodities International has started making some big commodities purchases, according to the report – including Morgan Stanley's oil trading business in May. Major Castleton shareholders include Paul Tudor Jones and Highbrige Capital's Glenn Dubin. The company has also bought Texas power plants, coal terminals in Kentucky, natural-gas wells in Colorado, and oil storage tanks in Shanghai, according to Bloomberg. Reed reportedly led a takeover at Castleton a couple of years ago, together with Dubin, who is now chairman. He began his career at Enron in Houston in the 1990s, but not before serving on a special ops helicopter crew in the army and spending time in Kuwait during the Gulf War, according to the report. And it appears he has big plans for the company to expand, going forward: he's already reportedly poached managers from competitors like Mercuria and JPMorgan. Read the full story over at Bloomberg »SEE ALSO: Commodity prices to continue falling in 2015 Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy
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There's chaos in Athens ahead of a parliament vote on Greece's latest bailout package (GREK, EUR)
It's getting chaotic in Athens. On Wednesday, Greece's parliament will vote on whether to accept a new bailout from its European creditors, which comes with the condition that the country implement strict austerity measures. The debate starts at 10 p.m. Athens time (3 p.m. ET.) Ahead of the session, protesters have gathered in the central Syntagma Square, and things are heating up. CNBC's Katie Slaman posted the clip below, which shows something like molotov cocktails being thrown. In an earlier tweet, she noted that there was heightened security ahead of the rally and vote. And we still have a long way to go before any word on parliament's vote. But worth keeping in mind that Greece's parliament is voting on a package of bailout measures that is worse than what Greek voters rejected in a referendum a little over a week ago. Clashes in Syntagma Square #athens pic.twitter.com/l5oiBSl1El — Katie Slaman (@katieslaman) July 15, 2015 Germany's Ruptly TV is streaming a live feed of the protests here.SEE ALSO: Greece's bailout will fail Join the conversation about this story »
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Protesters throw petrol bombs as Greek parliament debates bailout
Anti-austerity protesters hurled petrol bombs at police in front of Greece's parliament on Wednesday as lawmakers began debating deeply unpopular reforms needed to unlock a new eurozone bailout.
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Tear gas and blazing fire dominate on Greece's most important day this century
All the odds are against Greece today, but the day could still end well. The country faces a crucial vote on Wednesday after midnight, which is 5 p.m. EDT. The vote will determine whether its banks will open, its economy will recover, and it will stay in ...
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Why Germany refuses to write off Greece's debts
FRANKFURT, Germany (AP) — The International Monetary Fund says Greece's debts are too big to pay and need to be partly forgiven.
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There’s no end in sight to the Greco-European drama
Disaster may narrowly have been averted for the eurozone, at the expense of Greece’s political autonomy. But it won’t take much for it all to crash downThe last act of the classical Greek tragedy ends with two outcomes: disaster and catharsis. In the current Greek debt drama, however, there has been no catharsis. The purification has failed to materialise.It would have meant that both sides had seen the error of their ways and come to their senses. Instead, the madness continues: Greece will take on €86bn of debt in addition to the existing €317bn (not including the emergency loans from the ECB). From Angela Merkel through François Hollande to Alexis Tsipras, all eurozone government leaders assert that Greece will emerge from over-indebtedness more quickly this way and will be economically healed in three years. Europe pretends that the bailout will help. And Greece acts as if everything is fine now. Continue reading...
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Greek crisis: Protests in Athens turn violent as Tsipras urges MPs to back him
Greek PM Tsipras faces rebellion at tonight’s vote on bailout plan demanded by creditors, which the International Monetary Fund savaged last nightLatest: Molotov cocktails and tear gasRiot police back on the streetsDeputy finance minister quits and blasts austerity planTsipras tells MPs: I need your supportVaroufakis: Here’s why it’s a terrible dealIntroduction: Greek MPs decide tonightExplained: IMF says Greece needs deep debt relief 7.35pm BST The tourist area in Athens is full of a lot of very bemused looking visitors, kids asking “why does my throat sting” and frustrated shopkeepers saying “now I can’t do any business tonight. 7.34pm BST Apologies, that CNBC Periscope feed has just stopped. Continue reading...
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EC lifts “sanctions” to Greece: Juncker’s €35bn Plan is Structural & Agricultural EU-Funds
The famous Juncker package to help humiliated Greece create jobs and growth and investment is under way. HURRAH! A festive-mood statement issue by the European Commission assures that the Jobs and Growth Plan can be start arriving as soon as possible. “As an exceptional measure and in light of the […]
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Ex-finance minister says Greek bailout 'new Versailles'
Varoufakis likens new EU deal to post-World War I agreement leading to the rise of Nazi Germany and Adolf Hitler.
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Clashes Break out at Greek Anti-Austerity Rally by Thousands of Protesters Outside Parliament
Clashes break out at Greek anti-austerity rally by thousands of protesters outside Parliament
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Suddenly, Wall Street is obsessed with something that used to be an afterthought
While the world was seemingly at peace — before the financial crisis, war in Eastern Europe, and chaos in the Middle East — Wall Street's masters of the universe could keep geopolitics in the recesses of their mind. No more. Now global unrest has become the central worry of bank executives and hedge fund billionaires alike. It's the new uncertainty slipping into conversations even when money isn't necessarily at play. "Greece is a more a humanitarian issue than an economic one," Mary Callahan Erdoes, JPMorgan Asset Management CEO, said Wednesday at CNBC's Delivering Alpha Conference. But that humanitarian crisis dominated the conversation on a panel made up of Erdoes, two hedge fund managers, and a California pension fund's chief investment officer. Richard Perry, the billionaire CEO of the hedge fund Perry Capital, said issues in Greece were exacerbated by the country's "adjacencies." By that, more simply, he meant its geography. If the NATO member Greece, for example, turns to an aggressive Russia for help, Russian President Vladimir Putin's influence in an already fragile region will increase. Greece's historical enemy, Turkey, is also becoming more and more authoritarian. Greece is also susceptible to spillover from Syria, Perry argued. The spillover isn't just coming from Syria. Violence in North Africa has sent desperate refugees — and far more dangerous migrants, some fear — to Europe en masse. It's a challenge the EU can take on only if it does it together. But the EU, it seems, can't keep it together. Perry wondered which EU nation "the next Syriza Party come out of," referring to Greece's radical left-wing party. Suffering over time leads to desperation. Desperation leads to radicalism. This is a domino effect that doesn't just end with Greece's bailout. To Perry it seemed Germany forgot about that in its negotiations with Greece — luckily France and Italy did not. Moderator Andrew Ross Sorkin had to turn the conversation back to actionable trades. That's rare on Wall Street, where earnings trump elections and risk is measured and modeled in Excel. It suggests we're living in a particularly dangerous time. The urgency of these kinds of discussions has increased dramatically even since this spring, too, when investors gathered in Las Vegas for SkyBridge Capital's SALT conference. Then, Putin and Russia were a problem for Ukraine. Attendees talked about the conflict as more of a worrisome curiosity than an immediate risk. Now, with Greece on the brink, the specter of Putin is moving west toward a weak and squabbling Europe. Ultimately, it was Perry who nailed the key way this new obsession with geopolitics would change how Wall Street goes about its business. He was talking specifically about China's now sluggish economy and its volatile stock market, but it applies across the board. "The way to play the game is to understand what the Chinese are doing," he said. That goes for oligarchs in Russia and politicians in Germany, fighters in Syria, and protesters in Spain. It's time to pay attention.Join the conversation about this story » NOW WATCH: Here's what you get when you order 'Omaha Steaks' in the mail
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Yanis Varoufakis just trashed Greece's bailout deal with a line-by-line takedown
Since his resignation as Greece's finance minister, Yanis Varoufakis has managed to find more time for blogging, much of which hasn't exactly been supportive of Prime Minister Alexis Tsipras. Quickly after Varoufakis stood down, new Finance Minister Euclid Tsakalotos proposed a deal that looked extremely similar to the one rejected in Greece's July 5 referendum. The government emerged with a deal after tough negotiations last weekend, and Varoufakis has now slammed it in an article on his site. It's a line-by-line evisceration of the deal, which requires pretty severe austerity measures, mass privatisation, and the sort of economic reforms, such as pension cuts, that Syriza campaigned against. He calls it "the terms of Greece's surrender," which pretty much sets the tone. Remember, this is a deal that Tsipras, Varoufakis' former boss — and presumably his friend — is proposing that his party vote for on Wednesday night. Tsipras clearly doesn't like the deal, but Varoufakis' timing is particularly bad for the PM. Here's a snippet. The part inside the square brackets is Varoufakis' commentary, while the rest is the actual text of the deal (emphasis ours): Immediately, and only subsequent to legal implementation of the first four above-mentioned measures as well as endorsement of all the commitments included in this document by the Greek Parliament, verified by the Institutions and the Eurogroup, may a decision to mandate the Institutions to negotiate a Memorandum of Understanding (MoU) be taken [i.e. The Syriza government must be humiliated to the extent that it is asked to impose harsh austerity upon itself as a first step towards requesting another toxic bailout loan, of the sort that Syriza became internationally famous for opposing.] He then calls the deal a Carthaginian peace, says the Greek parliament is once again becoming "an appendage of the troika," and adds "it may be possible that pigs will fly" to the section suggesting Greece could raise even more money from privatisations. In Varoufakis' first post-resignation interview he said he couldn't stand the "negatively charged atmosphere" and "air of defeat" around Tsipras since the July 5 referendum in which Greece voted against accepting the bailout deal in its form at the time. Varoufakis said during the referendum that if the Greek people voted "no," an improved deal was already on the table that he could then sign, and banks could open on July 7, now more than a week ago.Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy
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GUNDLACH: Chipotle shares are 'remarkably overvalued' (CMG)
DoubleLine's Jeff Gundlach, mostly known for his expertise in the bond market, is short Chipotle. In an interview with CNBC at the Delivering Alpha conference, Gundlach revealed that he is short shares of the fast-casual Mexican restaurant chain. Gundlach called the shares "remarkably overvalued." He added, however, that he might take off the short. Which shouldn't come as a total surprise: since Gundlach first mentioned the short call — or a bet that the price of Chipotle shares will fall — in April 2013, the stock has basically doubled. Of course, Gundlach may have adjusted his position along the way and didn't necessarily lose money the entire time. But for basically anyone betting that Chipotle shares would meaningfully give up their seemingly unstoppable gain, it has been a tough few years. As for what else Gundlach said during the conference on Wednesday, he told the audience not to expect the Fed to raise interest rates in 2015. SEE ALSO: There's only one thing to say about the Chinese stock market Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy
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German Media Focus on Greek PM Tsipras’ Interview
“I take on the responsibility of signing a document I don’t believe in.” That was one of the few phrases that Greek Prime Minister Alexis Tsipras said during an interview on Tuesday, which left an impression on some of Germany’s biggest media outlets. During his extensive interview, Tsipras defended the deal he brokered but also accused certain Eurozone countries of exerting extreme pressure on Greece. “The result of the Euro Summit and the Eurogroup was the result of a strong pressure on a country, which had democratically expressed itself, to satisfy the more financially powerful countries in Europe. That is the truth,” he said during the interview. The Greek PM also spoke about German Finance Minister Wolfgang Schaeuble’s plan for a temporary Grexit, which Tsipras said would have very negative implications on the country. German media widely commented on Tsipras’ criticism of the deal as well as the German administration and its intentions during the negotiations. Among the more vocal denouncers of the interview was an opinion piece by Olaf Gersemann in German newspaper Die Welt, accusing Tsipras of being a left-wing populist who always asks but never gives. He stressed that Tsipras disqualified himself as a partner. German tabloid Bild noted Tsipras’ disbelief in the deal, just a few hours after agreeing to it, but also his commitment to carry it out in spite of his sentiment toward it. Financial newspaper Haandelsblaat noted that Tsipras’ comments throughout the interview indicate that he is expecting his administration to fall. Interestingly, the title of the paper’s main article is “This Europe Does not Belong to Mr. Schaeuble,” something that the Greek PM said during the interview. Focus, a weekly magazine, also emphasized the fact that Tsipras claims he does not believe the deal he signed. The magazine also noted that his comments and approach during the interview changed after the phone rang. On Wednesday, German Deputy Finance Minister Jens Spahn had criticised Tsipras’ comments for potentially hampering the process and compromising trust.
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Fundraising Campaign For Greek Olympic Team
“An Olympic Games without founders Greece has never, ever happened – and we want to keep it that way,” award-winning sports crowdfunding platform www.pledgesports.org said, urging all fans and believers of the Olympic Games movement to financially support Greece in order to be able to join the Rio 2016 Olympics. The sports crowdfunding platform underlined the huge threat Greek athletes face ahead of the new rescue plan the Greek government recently secured: “The issuing of another bailout loan calls for huge reforms and there is a very real threat that there could be little or even no funding available from the government for Greece to train athletes for the Rio 2016 Olympics and send them to Brazil.” According to the platform, funding for accommodation, food, medical assistance and physiotherapists is usually available by federations and governing bodies, however the expenses for training and preparation of athletes in order to be competitive during the event are difficult to covered. The motto of the initiative, which will last for around 48 days, is “Get Greece to the Olympics” and all the money raised will be given to the Greek Olympic Committee.
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10 Assets Greece May Eventually Sell
Numerous articles have been published since Greek Prime Minister Alexis Tsipras reached an agreement with creditors, on how the country will be able to pay back its bailout. TIME magazine and the Business Insider explored Greece’s options in regards to the country’s islands, while the Washington Post looked into other Greek assets that may eventually be sold as part of the bailout deal. Greece needs to raise 50 billion euros through the sale of public assets with the help of a new fund. However, the country’s state assets are not worth much these days, due to the risk of investment. “This isn’t the sort of opportunity where you say, ‘Look it’s at the bottom of the market right now and you can buy it and be on the upswing,'” said Thomas Wright, director of Brookings Institution’s Project on International Order and Strategy, to the Washington Post. Here are the 10 most interesting Greek public assets that may be put on sale, according to the Washington Post: 1. Thermal springs Greece has four thermal springs that may help the country’s tourism industry. 2. Athens International Airport Greece maintains 25% of AIA shares, but at the moment, the Hellenic Republic Asset Development Fund (HRADF) is selling off 30% of the shares. 3. Athens Water Supply and Sewerage Company (EYDAP) HRADF is also selling 61% of its EYDAP shares, a company that has the exclusive water utility rights in the Attica region. 4. Boutique Hotels “There are 15 boutique hotels nationwide to invest in, which the Greek government began building in the 1960s to boost tourism,” noted the newspaper. 5. Hellenic Petroleum Greece is also auctioning off 35% of Hellenic Petroleum, which has already been listed on the Athens Stock Exchange. 6. Hellenic Post (ELTA) Following the same pattern, HRADF is also selling 90% of Greece’s shares in the Hellenic Post. 7. Peace and Friendship Stadium According to the Washington post, HRADF wants to sell the stadium and the development rights to the area around it as a package deal. 8. Public Power Corporation (PPC) Around 17% of PPC shares are currently being auctioned off. 9. Egnatia Odos “More than a third of Greeks use this highway that crosses east to west in northern Greece.” It is one of Greece’s most recent infrastructure projects. 10. Olympic Assets The Schinias Rowing Center, the Markopoulo Equestrian Center and the Galatsi Olympic Center, all in Athens, are for sale in a package deal.
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Greek PM Tsipras Sends Ultimatum to SYRIZA MPs: Accept the Deal or I Won’t be PM Tomorrow
In anticipation of the decisive vote at the Greek Parliament, the SYRIZA Parliamentary Group convened on Wednesday. The country’s governing party is facing one of its most crucial moments since its inception in 2004 with a significant number of lawmakers set to vote against the bailout deal Greek Prime Minister Alexis Tsipras agreed to with international creditors in Brussels on Monday. “I am the Prime Minister because I have a Parliamentary Group that I depend on,” Tsipras told SYRIZA lawmakers at the meeting. “If I do not have support from the Parliamentary Group, it is difficult for me to be Prime Minister the following day.” Tsipras addressed his lawmakers and urged dissidents to come forward with a viable alternative proposal. “I exhausted all of our negotiating capabilities and examined all possible alternatives,” he said. The Greek PM narrated the events that took place during the negotiations in Brussels and repeated his assertion that certain conservative camps wanted to pressure Greece out of the euro. He also claimed that some camps, within the country and abroad, wanted to overthrow the government and put a new one in place. Tsipras also reportedly said that his party is responsible for preventing a humanitarian crisis in Greece and urged his lawmakers to remain united at this crucial moment. Panagiotis Lafazanis, leader of the so-called Left Platform, a sub-group within SYRIZA that is likely to vote down the bailout deal in Parliament on Wednesday, said that the presented dilemma between a deal or a catastrophe is not true. “There has been and always will be an alternative solution. It is a matter of political choice and political decision. It is not a technical issue,” he told reporters after the meeting and added “It is unacceptable for the government to succumb to the creditors’ deplorable choices, in the name of blackmail.” Despite his vehement opposition to the deal, Lafazanis has not resigned from his post as Productive Reconstruction, Environment and Energy Minister. Following the meeting, he said that SYRIZA’s unity and support toward the government are guaranteed.
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Greek Child Obesity Exacerbated By Financial Crisis
Children in Greece are more likely to develop life-threatening conditions, such as heart disease, type 2 diabetes, and certain types of cancer, because childhood obesity has been seriously exacerbated during the Greek financial crisis. Hellenic Medical Association for Obesity (HMAO) President Efthymios Kapantais recently commented on the problem: “Children’s body weights have increased during the years of the crisis.” “People are now forced to eat low-cost foods, which are often foods with low nutritional value,” Kapantais said referring to the fact that many families in Greece have been forced to cut their food expenses, switching to lower-priced and less healthy foods. According to the Organization of Economic Co-operation and Development (OECD), Greece ranked first regarding childhood obesity among all other member-countries with 44% of its child population being overweight or obese in 2014. Furthermore, two other recent studies conducted by the World Health Organization (WHO) underscored a notable increase in overweight and obese 6 to 9-year-olds in Greece.
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Creditors’ Technical Teams Return to Greece on Monday
The work between the technical teams of Greece and creditors will start on Monday in Athens and is expected to last four weeks before the third bailout agreement is signed. The representatives of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) will work closely with Greek authorities to prepare the procedures required for the new Memorandum of Understanding. According to Prime Minister Alexis Tsipras, negotiations will last about four weeks. The three institutions will assess the condition of the Greek economy and banking system, and the technical teams of both sides will draft the new loan agreement and bailout program. The creditors’ representatives will have access to pertinent Ministries and the General Accounting Office, and will monitor the progress of required reforms. The aim of both sides is to expedite the signing of the agreement.
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Analyst says Greek debt 'haircut' too much to ask of EU
Greece's lawmakers were debating an austerity bill set for a midnight vote on Wednesday (July 15) that will condemn the country to years of more…
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Trouble brewing in Greek parliament
Inside the Greek parliament, dozens of MPs are expected to reject the bailout. That may force Tsipras to rely on pro-European opposition lawmakers to…
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| READ THE ORIGINAL POST AT www.euronews.com |
Seeking Refuge: Migrants say 'no thanks' to EU distribution plans
Hundreds of black and blue tarps, many with thatched roofs, vie for space in this port city’s migrant camp, a testament to the powerful flow of human migration across Europe this year. Camps like this are spurring some European nations to push for what they're calling burden sharing, particularly Italy and Greece. Unsurprisingly, many of the less affected countries are opposed, arguing they have neither the infrastructure nor the resources to house and care for asylum seekers.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
European Union tramples over British opposition to Greek rescue plan
Brussels will press ahead with plans to use a defucnt EU-wide bail-out fund that will put Britain on the hook for €690m of loans to Greece
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| READ THE ORIGINAL POST AT telegraph.feedsportal.com |
The New Development Bank is a Linchpin for the BRICS' Countries
brics_2015.jpg Home Page News Page Greece was the first non-member to be offered BRICS membership, even though ironically the association of the emerging economies is yet to take off. The New Development Bank (NDB) operated by the five member-countries of Brazil, Russia, India, China and South Africa (BRICS) is all set to take off with an intention to develop economic relations amongst developing countries. It is considered to be an important institution since it is the first to be created by emerging countries with the hope to finance many important projects. Greece was the first non-member to be offered BRICS membership, even though ironically the association of the emerging economies is yet to take off. The New Development Bank (NDB) operated by the five member-countries of Brazil, Russia, India, China and South Africa (BRICS) is all set to take off with an intention to develop economic relations amongst developing countries. It is considered to be an important institution since it is the first to be created by emerging countries with the hope to finance many important projects. The BRICS bank will be financing projects by the year’s end, with special focus in the member countries. The launch of the bank was on July 7, 2015, just ahead of a summit held in Ufa, an industrial city of Russia. Greece was the first non-member to be offered BRICS membership, even though ironically the association of the emerging economies is yet to take off. The New Development Bank (NDB) operated by the five member-countries of Brazil, Russia, India, China and South Africa (BRICS) is all set to take off with an intention to develop economic relations amongst developing countries. It is considered to be an important institution since it is the first to be created by emerging countries with the hope to finance many important projects. read more
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| READ THE ORIGINAL POST AT www.economywatch.com |
IMF criticizes EU bailout of Greece. Other paths to economic stability?
A report by the International Monetary Fund (IMF) released Tuesday attacks the viability of the new bailout terms between the EU and Greece, which would see creditors – the eurozone and IMF – pay a total of €86 billion towards restoring the Greek economy.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
European Nations at Loggerheads over Migrants
eu_flag.jpg Home Page News Page The financial woes in Greece are not the sole crisis dividing European states. Tensions over how to deal with thousands of migrants landing in the Mediterranean have spilled over as domestic political pressures threaten ideals of unity. Angela Merkel calls it “the biggest challenge in European affairs” in her time as chancellor. The financial woes in Greece are not the sole crisis dividing European states. Tensions over how to deal with thousands of migrants landing in the Mediterranean have spilled over as domestic political pressures threaten ideals of unity. Angela Merkel calls it “the biggest challenge in European affairs” in her time as chancellor. The financial woes in Greece are not the sole crisis dividing European states. Tensions over how to deal with thousands of migrants landing in the Mediterranean have spilled over as domestic political pressures threaten ideals of unity. Angela Merkel calls it “the biggest challenge in European affairs” in her time as chancellor. read more
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| READ THE ORIGINAL POST AT www.economywatch.com |
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