THE Greek government says it wants to see a final deal on its international bailout hammered out within a month.
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How the world sees Greece
Tuesday, July 21, 2015
Hot buses, cold moons and a Greek pronunciation that Styx in the throat
The vanity bus commissioned by London mayor Boris Johnson has more than electrical problems (Boris buses ‘running on diesel’ due to battery fault, 20 July). This new bus was designed with no windows that open and no air conditioning. This means that on warm days they become ovens, especially on sunny days. One of these days someone will pass out from the heat on the bus and someone might even die. I had to get off one the other day to avoid collapsing from the intense heat.Martha Jean BakerLondon• When and how did astronomers (After years of waiting, little Pluto finally has its close-up, 16 July) decide that Pluto’s orbital companion isn’t the ferryman of the Styx, Charon, pronounced Kairon, but an Essex girl called Sharon? What are the chances of getting the Hadean boatman back?Tim EvansLondon Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
The Real Key to Athens Getting a Third Bailout? Greek …
By David FrancisDavid Francis is a staff writer for Foreign Policy, where he oversees FP's breaking news blog, The Cable. An award-winning journalist ...
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Greek business warn of closures as capital controls choke supplies
#economy
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| READ THE ORIGINAL POST AT en.enikos.gr |
S&P upgrades Greece to CCC+, outlook stable
Standard & Poor's said Tuesday it had upgraded Greece's sovereign credit rating to CCC+ from CCC-. The ratings firm also revised the country's ...
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How Bad Was The Run On Greek Banks?
Further, the bank said most of this cash did not leave the country, suggesting that Greek citizens are choosing to stash their savings at home, HuffPost ...
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A Tomato Salad With a Greek Personality
My summer tomato salads are sweet, minty and decidedly Greek in nature. Greek because I can never resist throwing in feta, and because I'm pretty ...
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| READ THE ORIGINAL POST AT www.nytimes.com |
S&P upgrades Greece’s sovereign rating; outlook now stable
Chances of Grexit still at one in three
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| READ THE ORIGINAL POST AT en.protothema.gr |
S&P upgrades Greece's credit rating after European bailout
Standard & Poor's has raised Greece's credit rating after a European bailout reduced the chances of the country's government defaulting on its massive debts during the next year.
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Greece set to strike deal with creditors by August 20 — government
To start the talks with the creditors Greece has to fulfill certain conditions
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| READ THE ORIGINAL POST AT tass.ru |
Buffett says reports that he bought Greek island 'a total fabrication'
NEW YORK (Reuters) - Billionaire investor Warren Buffett said on Tuesday that media reports that he and Italian real estate agent Alessandro Proto together purchased the island of St. Thomas, southwest of Athens, are "a total fabrication."
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Another Greek Generation Lost…
“Broke and beset by the stigma of unemployment, young Greek men are putting off serious relationships and extending their childhood indefinitely,” Greek journalist Yiannis Baboulias told the Telegraph. The British newspaper focused on the acute unemployment issue that younger generations face in Greece, noting that even though Athens signed a bridge loan, the issue still continues to
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Greek National Football Team Coach Resigns – Hellenic Football Federation Rejects It
Sergio Markarian, the head coach of the Greek National Football team, submitted his resignation on Tuesday. However, the Hellenic Football Federation (EPO) has not accepted his resignation. While speaking with sport24.gr, EPO President George Girtzikis said that both he and EPO’s board of directors do not want Markarian to leave. Markarian expressed his gratitude for the opportunity he
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Greek Students to Compete in Final Round of Microsoft ‘Imagine Cup’ Competition
A team of passionate Greek students from the Faculty of Electrical Engineering and Computer Science at the Aristotle University of Thessaloniki, led by professor Leontios Hadjileontiadis, is considered to be one of the 12 best student innovation teams in the world. On the occasion of the international Microsoft “Imagine Cup” competition, the Aristotle University students, following their mentor’s directions,
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Reasons Why Foreign Tourists Should Visit Greece
Famous travel website Conde Nast Traveler invited readers to visit Greece for their summer holidays, despite the crisis. In an article entitled “Why we’re still traveling to Greece this summer,” journalist Mark Ellwood noted that now, more than ever, the country is in dire need of tourism revenue, so he urged tourists not to cancel their
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Two German Publications Report on Greek Public Asset Sales
Bild and Der Spiegel, two major German publications, examined the potential sales of Greek public assets. The Greek government agreed to establish a fund that will monetize 50 billion euros of Greek public assets through privatization and other means. Bild, one of the most widely circulated tabloids in Germany, listed a number of Greek assets that could
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Delia Velculescu to Become IMF Head Representative in Greece
The International Monetary Fund (IMF) is set to replace Rishi Goyal, head representative of the institution’s technical team in Greece, with a person who has had experience in analyzing Greece’s troubled economy before. Greek newspaper “Kathimerini” reported that Delia Velculescu will now be the one assessing Greece’s financial affairs on the IMF’s behalf. Velculescu had co-written an IMF analysis of the Greek
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Bloomberg Poll: 71% of Economists Believe Grexit Will Happen by the End of 2016
Greece’s presence in the Eurozone could be secure for now, but it is far from guaranteed in the future, according to economists. According to a Bloomberg poll, 71% of 34 economists said there will be a Grexit by the end of 2016. At the same time 70% of the respondents said Greece is in the clear for 2015. However, 50% believe that
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Greeks Using Google to Find Jobs Abroad
Analysis on the searches made by Greeks and residents of Greece on Google, revealed that they are concerned about the future of their jobs. The searches regarding job opportunities abroad have significantly increased over the last few days. According to last month’s Google Trends analysis, a huge increase in job searches was recorded from Greece. The
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S&P raises Greece's long-term rating to 'CCC+'
(Reuters) - Standard and Poor's Rating Services raised its long-term sovereign credit rating on Greece to 'CCC+' from 'CCC-', saying it believed default was no longer inevitable in the next six to 12 months. S&P said the outlook was stable, with the possibility of Greece leaving euro zone now less than 50 percent. (Reporting by Anjali Rao Koppala in Bengaluru; Editing by Ted Kerr)
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These are the top-performing commodities of 2015
Can we really be halfway through the year? That’s what my calendar tells me, which means it’s time for the 2015 commodities halftime report. The periodic table of commodity returns, consistently one of our most popular pieces, has been updated to reflect the first half of 2015. Click on the table for a larger image. If you’d prefer your own copy of the original, simply email us. As an asset class, commodities continue to be a challenging space for investors, as they’ve faced many headwinds lately including lackluster purchasing managers’ index (PMI) numbers and a strong U.S. dollar. Crude Pulls off Coup but Faces Strong Downward Pressure The widest expansion this year was made by none other than crude oil, the worst-performing commodity of 2014. As of June 30, oil posted gains of over 11 percent, rising to $59.47 per barrel. After falling more than 50 percent since last summer, though, it had little else to go but up. That oil claimed the top spot just highlights the reality that commodities are in a slump right now. Case in point: This week, West Texas Intermediate (WTI) retreated to $50 per barrel, putting it back in the red for the year. This move was largely in response to Greece’s debt dilemma, China’s slowdown and weakening PMI numbers. After the JPMorgan Global Manufacturing & Services PMI was released, showing a continued downtrend in manufacturing activity, oil almost immediately dropped $4. The lifting of sanctions on Iran, if approved by Congress, could also place downward pressure on WTI, with some analysts seeing it returning to the $40s range. As the 800-pound commodity gorilla, China greatly contributes to the performance of oil. Its own PMI reading remains below the key 50 threshold, indicating that its manufacturing sector is in contraction mode. This has a huge effect on the consumption of oil and other important commodities. The good news is that the projected crude price for the remainder of 2015 should be high enough to support continued production in drilling areas such as the Bakken, Eagle Ford and Permian basins, according to the Energy Information Administration (EIA). The oil rig count, as reported by Baker Hughes, has advanced for the third consecutive week, after 29 straight weeks of declines. King Corn Pops to the Top We all know that corn is in practically everything we eat and drink, from soda to bread to salad dressing. It’s fed to livestock and poultry and used to make ethanol, plastic, glue and more. The grain is so ingrained in our lives that the U.S. government subsidizes it to the tune of $4.5 billion a year. For this reason and more, American farmers favor corn. In 2013, a record amount of it was grown and sent to market, which resulted in a price decline of 40 percent. That year it was the worst-performing commodity. Since then, corn has found its footing and, as of June 30, returned 4.28 percent. Zinc Is Flying off Car Lots Sought for its anti-corrosive properties, zinc is staging a comeback and is set to make its longest run of gains in over a year, according to Mineweb. The reason? Accelerating automobile sales in Europe. Zinc can be found in most car parts, from tires to door handles, and because it can store six times more energy per pound than more conventional battery systems, the metal is also used in electric vehicles. The European Automobile Manufacturers Association reports that demand for new vehicles is up 14 percent year-over-year in June, its largest increase since December 2009. New car registrations in most European markets are seeing double-digit growth, with Portugal, Spain, Ireland and the Czech Republic leading the pack. Gold Demand in China Sparkles In a much-anticipated announcement, China broke its six-year silence on the amount of gold its central bank holds. And although the number jumped nearly 60 percent from 1,054 tonnes in 2009 to 1,658 tonnes, it underwhelmed the market, as many analysts had expected almost double the amount. Bullion fell to a fresh five-year low on Friday, while stock in Barrick Gold, the world’s largest producer, plunged to a level not seen since the Bush Administration—the elder Bush, that is. But other news out of China, the largest purchaser of gold, suggests that the yellow metal is still very much on consumers’ minds. Just-released gold withdrawal numbers from the Shanghai Gold Exchange (SGE) came in at 1,180 tonnes—a huge amount—setting a new record for withdrawals in the first half period and leading many analysts to predict a new annual record. Gold demand in China normally cools around this time before picking up momentum in anticipation of the Chinese New Year. That demand has held up so well is a good sign for the second half of the year. Even though gold’s down about 3 percent year-to-date, our Gold and Precious Metals Fund (USERX) is holding up. USERX currently has four stars overall from Morningstar, among 71 Equity Precious Metals funds as of 6/30/2015, based on risk-adjusted returns. This is a testament to the management skills of portfolio manager Ralph Aldis and our team of analysts. Check out Ralph’s MoneyShow interview, where he chats about some of his favorite gold companies. Join the conversation about this story »
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Goldman Sachs just downgraded US stocks
LONDON (Reuters) - With market jitters over Greece receding, Goldman Sachs is advising clients to load up on European stocks at the expense of U.S. assets. The investment bank upgraded its short-term view on European equities to "overweight" from "neutral" in a note dated July 20, which cited the recent deal to start negotiating a new Greece debt package as one of the reasons for a more positive view, and downgraded U.S. equities to "underweight" from "neutral". The euro's weakness against the dollar, the European Central Bank's quantitative-easing program and accelerating economic growth should fuel European stocks' outperformance versus U.S. stocks, the note said. The STOXX Europe 600 has rallied nearly nine percent in the last two weeks, as an impasse between Greece and its creditors was broken and they agreed a cash-for-reform deal. "European equities have been one of the key asset classes to benefit from a fading of Greek risks," Goldman Sachs strategists said. "While performance potential might be limited in the near-term after the strong rebound, several supportive fundamental factors should help outperformance of European vs. U.S. equities until year-end." (Reporting by Alistair Smout and Alasdair Pal; Editing by Lionel Laurent and Mark Potter)Join the conversation about this story »
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Fighting corruption will be 'number one priority', Greek minister says
#politics
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Goldman cheers European stocks as risks from Greece fade
Greece finally seems to be on a path to a much-needed third bailout, after the country's lawmakers last week passed the tough austerity measures ...
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| READ THE ORIGINAL POST AT www.marketwatch.com |
Chances of Greek bailout rest on MPs' vote
Creditors demand a complete change to civil code and to comply with EU banking reform law, with voting seen as a test of Syriza’s strengthGreek MPs will vote on Wednesday on two laws that could make or break the country’s prospects of an international bailout. Greece is poised to begin talks with its international creditors on a proposed €86bn (£60bn) bailout, but first the Greek parliament has to vote through two measures – a banking reform law and an overhaul of Greece’s civil code. Introducing these laws was a demand of Greece’s creditors and remains the final hurdle Athens must clear before embarking on a demanding schedule of bailout talks. Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Greece Parliament Seeks to Pass Bill on Bailout Deal by August 20
The Greek government said today that it wants to see a final deal on its international bailout hammered out by August 20, as it presented parliament with more draft legislation on the cash for reforms...
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| READ THE ORIGINAL POST AT www.ndtv.com |
Exceptional deals to Greece as summer bookings rise
Uncertainty about Greece's place in Europe and the protracted wrangling over a bailout package have not prevented a surge in holidaymakers ...
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| READ THE ORIGINAL POST AT www.telegraph.co.uk |
European Shares Slip After Greek Rally
European shares fell Tuesday, snapping a nine-session rally, as investors turned away from Greece and toward the corporate-earnings season.
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| READ THE ORIGINAL POST AT www.wsj.com |
Key dates in Greece's funding talks with the eurozone
#economy
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| READ THE ORIGINAL POST AT en.enikos.gr |
History's Lesson: The EU Is a Survivor
Remembering history is crucial to understanding the present. Its lessons can be ignored or badly played, but a knowledge of history helps steer us away from exaggerated, immediate conclusions anchored in the flow of the quotidian. European integration provides a stellar example. The history of this process frames the deal just reached between Greece and its creditors. It helps us understand. The European Union's pattern has always been to make significant advances by crisis. After the trouble ebbs, a period of stability follows as the new order is established, until stagnation or some outside event leads to a new crisis, with a new solution that works more or works less but sets up the cycle anew. Europe should take some comfort in the fact that in politics, nothing is absolutely certain, and nothing is forever. The euro currency, the European monetary system -- indeed, even European integration itself -- could always end in catastrophe. Yet if history is good enough of a guide, this is anything but a foregone conclusion. Another truism: In politics nothing is ever permanently won or lost. European integration has been written off many times before yet it has survived -- perhaps with different structures than intended, and with solutions that are less than perfect, but it has come a long way. (And as Charles de Gaulle wrote, "the future lasts a long time.") The most historically informed criticism of EU Economic and Monetary Union, which was set up in the Maastricht Treaty of 1992, argues that the arrangement lacked the necessary precondition to be run effectively: that is, political union. Choices in macroeconomic policies are fundamentally political decisions. Absent the political concessions on national sovereignty necessary for decision making, on the euro and on monetary policy in general, the euro currency would hit a mortal crisis and fail, and monetary union would collapse. Let us remember that the Maastricht Treaty was in fact two treaties -- one for Political Union and the other for Economic and Monetary Union. The goals for political union as in monetary union involved merging national sovereignties into an EU-level federal sovereignty in certain areas. Economically, the common EU trade policy was one example, a second was the European Central Bank, and a third was the European Court of Justice. Let us also remember the crisis conditions under which Maastricht was negotiated -- that is, the unexpected collapse of Communist regimes in Eastern Europe, and then of the Soviet Union itself. The Maastricht achievement was the work of two outstanding leaders of the Franco-German entente: German Chancellor Helmut Kohl and French president Francois Mitterrand. The fundamental deal was French support for German unification in exchange for Kohl's acceptance of monetary union. Mitterrand was worried about recreating a full-sized Germany -- Margaret Thatcher rejected the idea -- while Kohl was asking the West Germans to give up the Deutsche Mark, a leading symbol of Germany's postwar success. But they came through. Germany was unified, the euro was established, and the former satellite regimes in Eastern Europe were admitted to the European Union a decade later. The key point in the grand scope of history was not that monetary union and the road to the euro were set up before political union. It was that monetary union was set up at all. EU political union was impossible given the uncertain European universe created by the Soviet Union's collapse. Maastricht was a great achievement, but also a great risk. What was the Kohl-Mitterrand calculation? It was that EU political integration would advance enough in succeeding years to make the economic union sustainable. It was, without saying it in so many words, that the Union would produce leaders of stature capable of making political union a reality, at least enough to undergird monetary union and the euro. The original sin of putting monetary union before political union was redeemable, but it didn't happen. Instead of a new targeted treaty on increased political union, Europe's leaders overreached. By 2005 they had produced a "Treaty establishing a Constitution for Europe," with the obvious goal of a federal United States of Europe. Since unanimity was required by EU rules, rejection by the Netherlands and France torpedoed the entire enterprise. Broadly speaking, the EU political process has not changed much since then. The upshot of the Greek imbroglio is that European integration's internal inconsistencies have produced a new crisis. German chancellor Angela Merkel says that "without the euro there is no Europe." European Council president Donald Tusk says that the current crisis is "the most critical moment in EU history." One well-known commentator's headline is, "Greece's brutal creditors have demolished the eurozone." Another writer alleges that the entire eurozone "is run for the benefit of Germany." Beyond the politicians' necessary exaggerations and the commentariat's attempts to outshout one another, a more modest conclusion can be offered. Greek political leadership is being disciplined, the Greek people will suffer more than was necessary, half-solutions and wiggle-room will proliferate, and -- hopefully-- other at-risk governments will take note. The case for greater political union to undergird monetary union has been made by the facts and by national interests, not europhile hopefulness. Crisis makes catharsis possible. The European Union may ultimately prove itself worse-off or better-off. But neither it nor monetary union and the euro are likely to collapse. -- 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 Crisis: Why Tsipras Remains in Power
After three weeks on the brink of collapse, Greek banks have finally reopened marking the return of some form of normality. However, strict capital controls remain in place for the foreseeable future, as does the general state of political and economic uncertainty. Total damage cost is still being counted. Since Greece's parliamentary bailout vote on July 15th, its euro zone partners have accelerated the process of averting a Greek euro exit. Although its long-term completion is far from certain, euro zone members will ensure Greek banks are kept afloat and due payments met during bailout negotiations. For Prime Minister Alexis Tsipras' government and his Syriza party, the bailout program proved a massive humiliation and ideological defeat. It was antithetical to their political platform and contrary to their electoral promises of January 2015. Ironically, just one week before his climbdown, Tsipras and Syriza were basking in the euphoric victory of the July 5th snap referendum. It proved a pyrrhic victory and emotional exercise in national defiance. Tsipras called on Greeks to vote "no" to creditors' demands in a technically convoluted question, only to say "yes" directly to creditors one week later. This begs the questions: Why is Tsipras and his Syriza government still in power? Could they win a snap election planned for either September or October -- as hinted by Syriza officials? Tsipras may be down, but he is not out. Despite loud protests and defections from Syriza's far-left faction during the bailout's parliamentary vote, the Prime Minister did not lose his mandate. Technically, he prevailed with three votes above the required threshold. Secondly, Tsipras still remains highly popular and retains a loyal base. He is a gifted orator whose compelling rhetoric appeals to those with nothing to lose. He effectively speaks their language, voices their hopes and expresses their fears. Furthermore, Syriza has no alternative leader who possesses Tsipras' youth and charisma. Despite serious reversals, Tsipras' is skillfully spinning the storyline to his advantage His usual confident rhetoric of defiance has now increasingly shifted to one of victimhood. According to Tsipras' narrative, he was blackmailed into signing the euro zone bailout and Greeks were frightened into submission. During the parliamentary bailout debate, Tsipras noted "The captain does not leave the ship during the storm." What's missing from the storyline is that Captain Tsipras irresponsibly led the ship directly into the storm when it was avoidable. Ironically, under Tsipras' leadership, Greece has paid an enormous price economically, politically and diplomatically. Tsipras' overplayed his hand and Greece became the victim of his overreach. He failed to distinguish between his popularity at home and his leverage in Europe, where he tried to punch above his weight and was floored. Furthermore, the rhetorical gymnastics that Tsipras and his ministers played with their European peers soured dialogue and communication. No trust remains. Restoring it entails an enormous task. Overall, his five-month game of reckless, high-risk brinksmanship backfired. After months of bluffing, Europe did not blink. In the end, Tsipras had no plan B, his threat to collapse Europe with Grexit failed and he completely capitulated. Today, Greece is clearly worse off than when he came to power on January 2015. Tsipras and his party have clearly placed raw power above political conviction. They will eagerly cling to office at any cost. They do not want to be Greece's first, and potentially last, far-left government after just five months in power. Although they caved in to creditors on the bailout, they refuse to submit to a creditors' coup of their government. For now, Syriza is aware that ordinary Greeks desperately need a temporary sigh of relief after teetering on the brink of catastrophe. Citizens crave for a modicum of normalcy after weeks of exhaustion and weariness marked by national paralysis and bank closures. However, the extreme situation has also triggered mixed reactions, including much public anger and fury at the creditors' bailout terms. Tsipras is effectively exploiting these sentiments. Tsipras is also shrewdly presenting Greece's bailout deal with Europe in the context of himself as the patriotic Greek David who courageously went up against the European Goliath. He will continue to do so and increase the volume exponentially should elections take place in September or October. However, Tsipras must also cautiously gauge the public mood and popular fatigue caused by the recent near-Grexit and snap referendum. For now, he is consolidating his position politically by reshaping his cabinet and marginalizing Syriza's extreme left flank that rebelled against him over the third bailout. Syriza is also aware that Greece's centrist, pro-Europe parties are currently ill-prepared for an election. They are still lacking effective leadership and are not organized into a coherent opposition. Despite Syriza's setbacks, the opposition remains largely reactive on the policy front. Furthermore, they still need to present a convincing narrative and compelling vision for Greece. As a skilled political survivor and opportunist, Tsipras will re-invent himself in any shade of left that circumstances demand and necessity requires. Despite the traumatic experiences of recent weeks, Tsipras will continue to dominate the Greek political scene for now. He will set the pace and seize the initiative accordingly. Ultimately, he will prove a formidable force in any upcoming election. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
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Greece ‘Fix’ Drives Yield Hunt at $80 Billion Danish Fund
… Greece back from the precipice. “After things fell into place in Greece … the sound and fury of Greece’s near-death experience, Henriksen says … the Greek death wish was only for show,” Henriksen said. “Greece lost …
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| READ THE ORIGINAL POST AT world.einnews.com |
Greeks expect new bail-out talks to be agreed within weeks
… that keeps Greece in the single currency. • How the Greek crisis changed … a fresh political crisis in Greece. "The inherent contradiction of … around the stability of the Greek economy and banking system recedes …
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| READ THE ORIGINAL POST AT world.einnews.com |
Greek PM Tsipras rallies Syriza backing before bailout vote
By Renee Maltezou and Angeliki Koutantou ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras tried to rally his leftwing Syriza party on Tuesday ahead of a vote in parliament on the second package of measures demanded by international creditors as a condition for opening talks on a new bailout deal. Tsipras has faced a revolt in the ruling Syriza party over the mix of tax hikes and spending cuts demanded by lenders but is expected to get the package through parliament with the support of pro-European opposition parties. Talking to Syriza officials on the eve of the vote, he said he aimed to seal the bailout accord, which could offer Greece up to 86 billion euros (£60 billion) in new loans to bolster its tottering finances and ward off the threat of a forced exit from the euro.
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Markarian resigns as Greece coach; federation wants him to continue
Noted Uruguayan football manager led admittedly slumped national club for only five months
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| READ THE ORIGINAL POST AT en.protothema.gr |
Goldman bets on European stocks, steers clear of U.S
LONDON (Reuters) - With market jitters over Greece receding, Goldman Sachs is advising clients to load up on European stocks at the expense of U.S. assets.
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| READ THE ORIGINAL POST AT feeds.reuters.com |
How Greece's Debt Crisis Is Impacting Its Wine Industry
Greece contains some of the oldest wine-producing areas on the planet, with vineyards having been in some parts of the country for more than 4,000 ...
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Tsipras to SYRIZA Dissidents: Propose Alternatives and Don’t Hide Behind My Signature
In a meeting on Tuesday morning, Greek Prime Minister Alexis Tsipras launched his most direct criticism yet against SYRIZA dissidents. “Until today, I have been seeing reactions, I have been reading heroic statements but I have not been hearing any alternatives to the July 12 blackmail,” he reportedly said on those who are opposed to the agreement he made with international
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Italian coast guard rescues 414 boat migrants including four newborns
Three Italian ships rescued 414 migrants from four boats in the Mediterranean sea on Tuesday, Italy's coast guard said, with four newborns and one young child among those saved. About 150,000 migrants, many fleeing poverty and war in sub-Saharan Africa and the Middle East, came to Europe by sea between January and July, according to the International Organisation for Migration. Most of them cross the narrow stretch of sea from lawless Libya to Italy and Greece.
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Greek PM Tsipras Allegedly Asked Russia for $10 Bln to Print Drachmas
Greek Prime Minister Alexis Tsipras has asked Russian President Vladimir Putin for 10 billion dollars in order to print drachmas, according to newspaper “To Vima.” The newspaper report cited Tsipras saying in his last major interview to Greek national broadcaster ERT that “in order for a country to print its own national currency, it needs reserves in a strong currency.”
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Greek Parliament President: Greece is Facing a Coup
Greek Parliament President Zoe Konstantopoulou said that Greek democracy is being strangled. Konstantopoulou addressed the 10th World Hellenic Inter-Parliamentary Association (WHIA) conference on Tuesday and spoke about the events that have followed Greece’s agreement with international creditors on July 13. WHIA is an organization staffed by people of Greek heritage who are elected legislature members in non-Greek speaking
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Eurozone equities buoyed by outlook
Blue-chips gain more than 10% as Greek debt saga fades
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| READ THE ORIGINAL POST AT www.ft.com |
EU member states miss target to relocate 40,000 migrants
Total agreed on is 20% lower than goal set for accepting refugees that have crossed Mediterranean to reach Greece and ItalyEU member states have fallen short of their own target to relocate 40,000 migrants from Greece and Italy in clear need of international protection.On Monday, the member states agreed to the relocation of 32,256 refugees, starting in October, which is 20% lower than the agreed goal. Continue reading...
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The FTSE stays as flat as a pancake
It has been a quiet day in London. The FTSE 100 closed down 19.62 points, or 0.29%, at 6769 on Tuesday — hardly a big move. The bulk of the dip came in afternoon trade, with London dragged down by a weak open for US markets. THE BEST: After tanking on Monday, gold miners were some of the best performers — Randgold Resources jumped 2.2% and Fresnillo climbed 3.4%. THE WORST: easyJet was the biggest faller, down 3% after a downgrade from Commerzbank. Here's today in context: Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy
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Financial Innovations and More to Help Greece Move Forward
Head of Global Currency Strategy at Brown Brothers Harriman. It is a bit too familiar, isn't it? Greece received a new loan so it can service its debt to the official creditors. In exchange for the funds, of which practically none remains in Greece, the ...
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| READ THE ORIGINAL POST AT www.economywatch.com |
Greece: Next steps before it can get bailout
There are many hoops that Greece has to pass through before it can actually get its bailout. While European leaders agreed to the latest $96 billion bailout package for Greece, they are waiting for the country's government to push several reforms through ...
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| READ THE ORIGINAL POST AT money.cnn.com |
Financial Innovations and More to Help Greece Move Forward
Head of Global Currency Strategy at Brown Brothers Harriman. It is a bit too familiar, isn't it? Greece received a new loan so it can service its debt to the official creditors. In exchange for the funds, of which practically none remains in Greece, the ...
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| READ THE ORIGINAL POST AT www.economywatch.com |
Greece: Next steps before it can get bailout
There are many hoops that Greece has to pass through before it can actually get its bailout. While European leaders agreed to the latest $96 billion bailout package for Greece, they are waiting for the country's government to push several reforms through ...
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Markarian resigns from Greece coaching post
Athens (AFP) - Uruguayan Sergio Markarian announced Tuesday he is quitting his job as coach of the Greek national team after just five months in charge. "I came to Greece for the national team at a critical moment. I apologise to the Greek fans because the ...
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Greek Debt Crisis Spotlights Syriza's Growing Pains
ATHENS -- Greek Prime Minister Alexis Tsipras' reshuffling of his cabinet on Friday after several ministers rejected a bill outlining new austerity measures brings into sharp focus the deepening ideological rift within his left-wing Syriza party over harsh reforms demanded by international creditors in exchange for a new bailout. "Today's result is a serious divide in the unity of Syriza's parliamentary group," said former government representative Gabriel Sakellarides, who was among the eight ministers and deputies who were reshuffled after Thursday's parliament vote on the first part of the financial reforms. Two ministers who voted against the reforms were replaced. Syriza now faces contradictory pressures to preserve its left-leaning identity while sorting through the unrelenting demands of the debt crisis. "The safety of ideological pureness is not compatible with moments of crisis,” Tsipras said in a TV interview last week. The austerity bill secured 229 votes in favor, 64 against and six abstentions. It was members of Tsipras' own Syriza party who were in large part responsible for the votes against the proposal. Of Syriza's 149 members of parliament, 32 voted against the bill and six abstained. The core of the dissent came from the Left Platform faction, a group of left-wing hardliners that includes Panagiotis Lafazanis, who was minister of energy and environment, and Dimitris Stratoulis, who was deputy social security minister. Other prominent Syriza parliament members who voted against the measure included Zoe Konstantopoulou, the president of the parliament, and Yanis Varoufakis, the flamboyant former finance minister. The rift shows a possible break in the party, which came into power this year with the election of Tsipras. “If Syriza goes through with the bailout agreement to the end, then it runs the risk of mutating into something completely different to principles,” Lafazanis, leader of the Left Platform, said over the weekend. Writing for major Greek newspaper Ta Nea, he added that if Syriza's leaders “try to apply this bailout memorandum in practice, then [...] the country is sure to find itself in an even worse position than now.” The Left Platform base apparently supports a break from Syriza, possibly establishing themselves as a distinct party, according to Greek newspaper EFSYN. It's unclear whether Tsipras will be able to transform Syriza into a full-fledged ruling party once his new cabinet settles, or whether Greece is headed for early elections. If the Left Platform decides to break away, elections are certainly in order, HuffPost Greece reports. Ethnos newspaper reports that Tsipras is considering new elections, which could take place in September or October. The critical test will be the upcoming second part of the financial reforms bill, due for a vote on Wednesday. The bill includes a new code of civil procedure to accelerate the judicial process and reduce costs. Other reforms, such as the phasing out early pensions, raising the minimum retirement age to 67, and phasing out preferential tax treatment for farmers, probably will be discussed, but not voted on because of widespread dissent. If Syriza fails to secure a threshold of 120 votes this week, Tsipras may consider stepping aside, even though reform measures might still pass with help from opposition votes. Syriza's contradictory pressures to preserve its left-leaning identity while sorting through the unrelenting demands of a debt crisis have never been more obvious. "The safety of ideological pureness is not compatible with moments of crisis,” Tsipras said in a TV interview last week. Also on HuffPost: -- 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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