Everybody Hates Greece. On Sept. 6, 1946, U.S.
Secretary of State James Byrnes gave a speech in Stuttgart, Germany. A movement was afoot to penalize the Germans for their role in World War II by deindustrializing the country. Byrnes opposed anything resembling economic spite and promised the country a fair chance to rebuild. “Germany is a part of Europe,” Byrnes said, “and recovery in Europe will be slow indeed if Germany with her great resources of iron and coal is turned into a poorhouse.” It became known as the Speech of Hope. Whatever he lacks in efficacy, Greek Finance Minister Yanis Varoufakis knows his history.
Merkel, of course, will do no such thing. RT correspondent caught in Athens anarchist protest, teargassed — RT News. Solutions for Greece. A slew of emails have been coming in asking if we would help Greece if they leave the euro.
ABSOLUTELY YES! This week we have people in Athens meeting as I write, offering at this stage an informal proposal should the people vote to leave the euro. British tourists cautious about access to cash in Greece. How Greece should vote on Sunday - FT Comment - World & Global Economy Video. Varoufakis Says he Will Quit if Greeks Vote 'Yes' Crisis? What crisis? The party is on in Mykonos. Eurogroup chief: Too late for Greek bailout extension. Europe Wants to Punish Greece With Exit. In my more than 30 years writing about politics and economics, I have never before witnessed such an episode of sustained, self-righteous, ruinous and dissembling incompetence -- and I'm not talking about Alexis Tsipras and Syriza.
As the damage mounts, the effort to rewrite the history of the European Union's abject failure over Greece is already underway. Pending a fuller postmortem, a little clarity on the immediate issues is in order. On Monday, European Commission President Jean-Claude Juncker said at a news conference that he'd been betrayed by the Greek government. The creditor institutions, he said, had shown flexibility and sought compromise. Their most recent offer involved no wage cuts, he emphasized, and no pension cuts; it was a package that created "more social fairness. " Greece Default Watch. Bloomberg View's Leonid Bershidsky interprets the market signals and the news coverage to tell us if we're closer to a deal or default.
Tsipras Blinks In another bizarre twist in the Greek saga, Prime Minister Alexis Tsipras last night sent his country’s creditors a letter accepting most of the conditions he’s asking voters to reject in a referendum on Sunday. If he’d done that last weekend, Greece probably wouldn’t be in arrears to the International Monetary Fund today, and talks would have started on efforts to stave off bankruptcy.
It’s hard to see what’s driving Tsipras’s erratic behavior. Perhaps it is German Chancellor Angela Merkel’s refusal to hold any talks until after the referendum, or maybe it's the financial meltdown Greece is suffering through, with markets and banks shuttered and pensioners unable to get money out of ATMs. The 'Demerging' Greek Economy. Greece may need a category of its own as it struggles with unmanageable debt and the prospect of falling out of the euro: That of a "demerging" economy.
The idea of emerging economies -- formerly poor, badly run and closed markets that open up and reform to produce rapid catch-up growth -- is well-known. We have acronyms such as BRICS and MINTs to group them. Why we recommend a NO in the referendum – in 6 short bullet points. Germany owes more money to Greece than Greece does to the whole world.
That is not “dishonest” nor any “red herring”, except on the side of hypocritical Germany. Worse: Greece has been all this time incredibly tolerant and helpful of Germany’s position on the matter, however Germany has not doubted to greedily and selfishly jump at the jugular of Greece. Nine Key Questions on Greece. Greek Debt Crisis Risks NATO Withdrawal, New Refugee Surge. A failure to resolve the Greek debt crisis could do more than weaken the euro and cause stocks to retreat.
It has the potential to prompt a Greek withdrawal from NATO, increase the influx of refugees into Europe and threaten Greek support for international sanctions against Russia over Ukraine. “Greece spiraling into chaos would be a significant strategic disruption for Europe and therefore for the U.S.,” retired U.S. Admiral James Stavridis, a former NATO supreme allied commander, said in an interview. “There’s more to this crisis than money and the financial markets.” Such outcomes are possible, though unlikely, should European leaders prove unable to resolve the debt dispute that has shut Greek banks and frightened investors.
“A Greece that feels unloved and pushed out is less likely to be helpful” to the U.S. and Europe, he said. Η επιστολή του Πρωθυπουργού προς τους επικεφαλής των θεσμών. EFSF takes note of Greece’s non-payment to IMF. Luxembourg – The European Financial Stability Facility (EFSF) takes note of a public statement of the International Monetary Fund (IMF) that a Greek non-payment has occurred.
It is the EFSF’s understanding that the IMF Managing Director has informed the IMF Executive Board. This will be confirmed by a meeting of the Executive Board, expected later today. For the EFSF, this would constitute an event of default for certain EFSF loans. Statement by the IMF on Greece. Greece’s IMF payment: When is a default not a default? Greece Won't Exit the Euro, Economists Say.
As Greece stumbles through a chaotic week after failed rescue talks — and toward a referendum on bailout terms — economists say it won't have to tear up its euro-membership card just yet.
More than three quarters of respondents to a Bloomberg survey on Tuesday say it will still be in the single currency at the end of 2015. How do you change a currency – fast? UK banknote printer readies for Greek call - source. LONDON De La Rue (DLAR.L) has drawn up contingency plans to print drachma banknotes should Greece exit the euro and approach the British money printer, an industry source told Reuters on Friday.
The news comes as EU trade commissioner Karel De Gucht said on Friday the European Commission and the European Central Bank are working on an emergency scenario in case Greece has to leave the euro zone - the first time an EU official has confirmed the existence of contingency plans. The source, who asked not to be named, said that as a commercial printer De La Rue needed to be alive to the possibility of a Greek exit from the single currency and prepare accordingly. Crisis-hit Greece will be led by an emergency government into new elections on June 17 which will ultimately determine whether it must quit the euro - possibly spreading financial devastation across the continent.
(Additional reporting by Rhys Jones; Editing by Paul Hoskins and Mark Potter) Glogin?URI= Glogin?URI= What’s the Timetable to a Grexit? – The Short Answer. Greece debt crisis: What happens next? The future of the Greek economy and its existence in the eurozone will be decided over the next few days. A referendum has been called for 5 July, with Greeks being asked to decide whether or not to accept a series of reforms set out by their government's international creditors.
Prime Minister Alexis Tsipras is backing a No vote and a succession of European leaders are describing the referendum as a choice between staying in the euro or leaving it. So what are the main scenarios now? 1. The Greek referendum question makes (almost) no sense. The wording of the Greek debt referendum has been released, and it's a bit of a puzzler.
For those who can't read Greek, here's a translation. For those who can't read Greekdebtspeak, well, you're on your own. The two appendix documents - "Reforms for the completion of the current programme and beyond" and "Preliminary debt sustainability analysis" - don't sound much more easily digestible than the ballot. There is still a question over when and how voters will be presented with those documents, and whether world-class economists will be on hand at polling stations to explain them. Η Ελλάδα ψηφίζει. Put down that pint and go to Indiegogo: Greece needs your help - Jun. 29, 2015. The British man has started an Indiegogo account to raise 1.6 billion euros to help Greece pay back a bailout loan from the International Monetary Fund. It's a real long shot, obviously. By the end of Monday, after about 24 hours, he had raised 4,616 euros from 299 donors.
Donations were coming in at a steady clip. Greek debt tracker. Europe’s Attack on Greek Democracy by Joseph E. Stiglitz. NEW YORK – The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors.
In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics. Of course, the economics behind the program that the “troika” (the European Commission, the European Central Bank, and the International Monetary Fund) foisted on Greece five years ago has been abysmal, resulting in a 25% decline in the country’s GDP.
I can think of no depression, ever, that has been so deliberate and had such catastrophic consequences: Greece’s rate of youth unemployment, for example, now exceeds 60%. It is startling that the troika has refused to accept responsibility for any of this or admit how bad its forecasts and models have been. But, again, it’s not about the money. The nonpaper by the Greek government on the Bank Holiday – The Greek Analyst. Earlier today, the Greek government issued a nonpaper that provides answers to what they call as ‘FAQs’ relating to the short-term Bank Holiday imposed, starting today, in the country. You can find the original (in Greek) here, and my translated version below. Answers to frequently asked questions in regards to the implementation of the Act of Legislative Decree “Short Term Bank Holiday.” Starting on Monday 29 June 2015, the banks will remain closed until Monday 6 of July, according to the relevant Act of Legislative Decree.
Deposits are fully safeguarded. The payment of pensions is exempt from restrictions on banking transactions of the current [Act of Legislative Decree?]. Greece Crisis: A Disastrous Weekend in Five Charts. Stock markets sank in Europe following a weekend where the European Central Bank capped its lifeline to Greek banks, and the government in Athens responded by introducing capital controls. The euro dropped as much as 2 percent in overnight trading, but has since recovered some of those losses and is now trading down 0.8 percent. The Greek Butterfly Effect. Submitted by Northman Trader. EU Offers Greek Voters 10-Point Plan on June 26 Bailout Offer.
Tsipras Asking Grandma to Figure Out If Greek Debt Deal Is Fair. Draghi’s Greek Bank Options Present Bleak Choices as ECB Meets. European Central Bank President Mario Draghi is convening his Governing Council on Sunday for an extraordinary meeting to discuss Greece. After euro-area finance ministers rejected Greece’s request for an extension to its bailout package so it could hold a referendum on a rescue proposal by its creditors, Draghi and his colleagues must decide how to respond.
An 82-Year-Old Is Bullying Greece's Global Creditors. Shoulders hunched and taking slow, deliberate steps, Panagiotis Vavougios is far from imposing. Δείτε τις διαφορές των προτάσεων κυβέρνησης και δανειστών. Τι εισηγείται η κυβέρνηση Τσίπρα και τι ζητούν οι θεσμοί Δείτε τις διαφορές των προτάσεων κυβέρνησης και δανειστών. Σύγκριση μνημονίου, ελληνικής πρότασης και πρότασης Γιουνκέρ από Μαξίμου.
Η πρόταση που παρουσιάστηκε από τους θεσμούς στις Βρυξέλλες την Τετάρτη, περιέχει ακραίες θέσεις που δεν μπορούν να γίνουν αποδεκτές από την ελληνική κυβέρνηση επισημαίνουν κυβερνητικοί κύκλοι, προσθέτοντας ότι δεν ανταποκρίνονται, μάλιστα, στις αλλαγές που είχαν αποδεχθεί στο Brussels Group! «Δεν έχουν κάνει ούτε βήμα πίσω, ανεξάρτητα αν στους τέσσερις αυτούς μήνες οι δύο πλευρές είχαν συγκλίνει σε μεταρρυθμίσεις, τις οποίες, ενώ η ελληνική κυβέρνηση ενσωμάτωσε στην πρότασή της, η πρόταση των δανειστών δεν τις εμπεριέχει.
Αυτή τους η στάση δημιουργεί εύλογα ερωτήματα σχετικά με το κατά πόσο συμβάλει στην εύρεση αμοιβαία επωφελούς συμφωνίας» επισημαίνουν οι ίδιοι κύκλοι προσθέτοντας ότι «αν γίνουν αποδεκτές οι προτάσεις τους θα συνεχιστεί το τραγικό λάθος της κυβέρνησης Σαμαρά/Βενιζέλου που οδήγησε τη χώρα σε στρατηγικό αδιέξοδο λιτότητας». Comparing proposals for the Greek economy: The Troika vs. the Syriza government. What really defines austerity? In the context of a stagnating economy or recession as seen in Greece, austerity is: increasing taxes on productive economic sectors and households, slashing wages and pensions, and reducing public expenditures. Greece: It’s Time (Reasons To Be Cheerful, Part 3) Failure to agree to bailout increases probability of Grexit.
Draghi Can’t Avoid Spotlight With Greek Destiny in ECB Hands. Mario Draghi might not like it, but he now has the fate of Greece in his hands. With finance ministers rejecting a Greek request for a bailout extension to cover a referendum, debt payments looming, and bank customers lining up to pull money out, the European Central Bank president must decide how to react. The Governing Council, which is due to meet “in due course,” according to the ECB, faces the dilemma of cutting support for the Greek financial system and courting accusations of political meddling, or pouring more cash in and risking the credibility of the euro.
Q&A: what options now for Greece’s strained banking system? The question posed by the Greek government for the referendum. What Will Greeks Vote on? The Referendum Question. Greece's Choice of Disasters. Breaking Greece. Why It Won’t Be a Default If Greece Misses IMF Payment Next Week. Greece on the Brink. What Greece Won. Don’t bank on Tsipras dumping Syriza’s leftwing diehards. Greek short-term bond yields rise sharply. Greece denies default accusations - BBC News. Greece prepares for debt default if talks with creditors fail. Greece Nazi occupation: Athens asks Germany for €279bn - BBC News. Letter fm Greek PM Tsipras to German PM Merkel - 15/03/15.pdf. Why Greek default looms - BBC News. Greek Debt Vastly Overstated, Investor Tells the World. MASTER FINANCIAL ASSISTANCE FACILITY AGREEMENT btw EUROPEAN FINANCIAL STABILITY FACILITY and THE HELLENIC REPUBLIC.
Cletter.pdf. Why Greece’s finance minister denies that he’s a game theorist. Dan Loeb makes another audacious bet on Greece. Το συρτάκι στη νέα διαφήμιση της NatWest. Yanis Varoufakis: No Time for Games in Europe. Redlined Comparison Of The Eurogroup Draft Varoufakis Was Ready To Sign, And The Draft He Rejected. Τι προβλέπεται από Σύνταγμα - Βουλή για την εκλογή Προέδρου της Δημοκρατίας. Inside the Germans' debt psyche - what makes them tick? What would happen if Greece quits the euro? Game theory and Greece in 90 seconds. Greek crisis opens Portuguese faultlines over future of eurozone. UBS Says "A Market Dislocation Is Necessary To Focus Minds" And Stop "Underestimating Grexit Risks" Athenae Delenda Est.
Weimar on the Aegean. Εurogroup: Τι λεει το κείμενο που απορρίπτει η Αθήνα (upd) G-20 Finance Ministers Urge Greek Aid Deal to Avoid Euro Region Splinter - Bloomberg Business. Yanis Varoufakis: ‘If I weren’t scared, I’d be dangerous’ Greek minister: 'European people are on our side' Greece confident ahead of EU meeting, but sticking to its no-austerity guns.
Greece's Excess Burden. Greece Locked in Creditor Talks in Search for Compromise - Bloomberg Business. Yanis Varoufakis: In his own words. Greece's Tsipras defiant over economic plans. Greek statistics are back: Primary deficit presented as surplus, with Eurostat’s seal of approval. What Yanis Varoufakis Used to Say About Greek Economic Statistics - Bloomberg Business. Greece: Think Flows, Not Stocks - NYTimes.com. A Game of Chicken. Three myths about Greece's enormous debt mountain. Matthieu Pigasse: The Clash-loving Lazard banker advising Greece’s Syriza. Can game theory save the Greeks from euro oblivion? Don’t count on it. The great Greek hope. Greece’s new government braces for collision with Germany. Bild: Γιατί δεν πληρώνουν φόρους οι πλούσιοι Έλληνες; Emergency Liquidity Assistance for Greek Banks: Explainer - Bloomberg Business. Greece Sticks to Anti-Austerity Demands Following ECB Loan Cut - Bloomberg Business.
Σκεπτικισμός Ντράγκι για τις προτάσεις Βαρουφάκη για το χρέος. Greece’s Bill Sale Marks Return to Debt Market Amid Negotiations - Bloomberg Business. Tsipras pulls strings as Varoufakis performs policy somersaults. Greece Will Repay ECB, IMF, Reach Deal With EU, Tsipras Says - Bloomberg Business. Yanis Varoufakis Newsnight interview.