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Keyword: greece

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  • The Greeks should vote “no!”

    07/04/2015 10:27:15 AM PDT · by Tolerance Sucks Rocks · 43 replies
    The Washington Times ^ | July 2, 2015 | Peter Morici
    Sunday, Greeks should vote “no”!Hellenic voters are being asked whether they accept the terms offered by the European Union, European Central Bank and International Monetary Fund to extend the bailout for Athens‘ troubled finances or give Prime Minister Tsipras a mandate to insist on a better deal.Those conditions include more cuts in government supported pensions, higher taxes and labor market reforms other European governments’ are often not inclined to accept in the conduct of their own affairs.Urging a Yes vote, European leaders and their supporters in private institutions claim more austerity would reinvigorate the Greek economy and permit Greeks to...
  • Exclusive: Europeans tried to block IMF debt report on Greece: sources

    07/04/2015 6:48:38 AM PDT · by Citizen Zed · 11 replies
    Reuters ^ | 7-3-2015 | Paul Taylor
    Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday. The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers. It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat. Publication of the draft Debt Sustainability Analysis...
  • A whole island pretending to be blind...: New book reveals how Greeks cheated THEMSELVES into ruin

    07/03/2015 8:10:40 PM PDT · by Rockitz · 43 replies
    DailyMail.com ^ | 3 July 2015 | Flora Drury For Mailonline
    Greece in teetering on the brink of ruin - and it is hard not to feel sympathy for the pensioners crying in the street and the mothers facing empty supermarket shelves. Yet those reading a new book may find themselves feeling a little less compassionate towards the Greeks. It reveals an eye-popping catalogue of benefits scams and tax avoidance schemes that have robbed the public purse. James Angelos' The Full Catastrophe: Travels among the New Greek Ruins lays bare the corruption which filtered through all levels of society - from the islanders who pretended to be blind, to the families...
  • Why anyone who compares Puerto Rico to Greece is wrong

    07/04/2015 6:36:17 AM PDT · by SeekAndFind · 16 replies
    Washington Post ^ | 07/04/2015 | By Matt O'Brien
    Its economy has been shrinking for years, its debts have been piling up for even longer, and its government has finally admitted that even brutal tax hikes and spending cuts wouldn't be enough for it to pay back everything it owes. I'm talking, of course, about Puerto Rico. Its governor, Alejandro García Padilla, admitted to the New York Times on Sunday that the island is going to have restructure its $72 billion in debt that is "not payable." Now, if it sounds like you've been hearing some variation of this story for years now, it's because you have—just about Greece....
  • Greek minister says Europe won't let Athens go under (Austerity measures="terrorizing")

    07/04/2015 5:42:33 AM PDT · by Red in Blue PA · 16 replies
    ATHENS (Reuters) - Greece’s finance minister accused creditors of trying to "terrorize" Greeks into accepting austerity, warning Europe stood to lose as much as Athens if the country is forced from the euro after a referendum on Sunday on bailout terms.
  • Enough of this charade: Greece must be told to leave the euro

    07/03/2015 10:28:53 PM PDT · by aquila48 · 29 replies
    UK Telegraph ^ | 03 Jul 2015 | Jeremy Warner
    As the Greek debt standoff approaches its final denouement – oh please let it be so – judgments are becoming easier to make. The most obvious (obvious all along, it might be said) is that the sooner Greece leaves the euro, the better. If a legal way of forcing the Greeks out can be found, it should be used. In any case, this debilitating charade has carried on quite long enough. For once, the German high command is correct; even if some sort of a compromise could be cobbled together, Greece’s hard-Left Syriza-led government couldn’t be trusted to implement the...
  • Greek banks prepare plan to raid deposits to avert collapse

    07/03/2015 5:53:34 PM PDT · by House Atreides · 82 replies
    FT.com ^ | July 3, 2015 | Kerin Hope
    Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.
  • Greek Banks Considering 30% Haircut On Deposits Over €8,000: FT

    07/03/2015 4:58:13 PM PDT · by dynachrome · 31 replies
    zerohedge.com ^ | 7-3-15 | Zero Hedge
    Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said. A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000. Meanwhile, Yanis Varoufakis swears this is nothing but a "malicious rumor": FT report of a Gk Bank Bail In is a malicious rumour...
  • Greek banks down to €500m in cash reserves as economy crashes

    07/03/2015 8:35:26 AM PDT · by C19fan · 12 replies
    UK Telegraph ^ | July 2, 2015 | Ambrose Evans-Pritchard
    Greece is sliding into a full-blown national crisis as the final cash reserves of the banking system evaporate by the hour and swathes of industry start to shut down, precipitating the near disintegration of the ruling coalition. Business leaders have been locked in talks with the Bank of Greece, pleading for the immediate release of emergency liquidity funds (ELA) to cover food imports and pharmaceutical goods before the tourist sector hits a brick wall.
  • China State Official Hints Beijing May Bailout Greece

    07/03/2015 6:57:07 AM PDT · by SeekAndFind · 15 replies
    Zero Hedge ^ | 07/03/2015 | Tyler Durden
    On Monday, after Greek PM Alexis Tsipras’ dramatic referendum call sparked a run on Greek ATMs, grocery stores, and gas stations, we did our part to help ameliorate the situation by sending a subtle message to Athens: Dear Greece, if you want to apply for a loan from the Asian Infrastructure Investment Bank, send an email to: information@aiibank.org— zerohedge (@zerohedge) June 28, 2015 Indeed, now may be an opportune time to tap Beijing for a few billion given that China officially launched the AIIB this week. As a reminder, the success of China’s AIIB membership drive was a political disaster...
  • Greek Prime Minister Alexis Tsipras learning EU’s No. 1 rule: Don’t mess with Angela Merkel

    07/03/2015 6:12:43 AM PDT · by canuck_conservative · 9 replies
    Financial Post [Canada] / Bloomberg ^ | Friday, July 3, 2015 | Matthew Campbell
    ... The German chancellor’s disapproval helped end the political careers of former Italian prime minister Silvio Berlusconi and Greek leader George Papandreou. After burning through whatever goodwill he had with Merkel’s lawmakers and the German public, the current Greek premier could be next.... “We are watching the end of the political career of Alexis Tsipras,” Jacob Kirkegaard, a senior fellow at Peterson Institute in Washington, said in a Bloomberg Radio interview. “Mr. Tsipras can continue his career on T-shirts for students, replacing Che Guevara.”... Refusing to play ball with Germany didn’t turn out well for Berlusconi, whose premiership had survived...
  • Greenfield: Social Justice is the Root of All Debt

    07/03/2015 3:46:50 AM PDT · by Louis Foxwell · 21 replies
    FrontPage ^ | July 3, 2015 | Daniel Greenfield
    Social Justice is the Root of All Debt It’s the fault of everyone who gave the left money and wanted it back. July 3, 2015 Daniel Greenfield Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. Banks are the root of all evil. When a member of a traditionally oppressed group wants a house or a car he can’t afford, financial institutions are expected to lend him the money. If they don’t, they’re engaging in discrimination. Then when he can’t pay, it’s the fault of the evil banks for having...
  • Grexit Vodka: Greece's Debt Inspires New Cocktail

    07/02/2015 10:37:04 PM PDT · by nickcarraway · 3 replies
    Newsweek ^ | 6/30/15 | Polly Mosendz
    If you'd like to get drunk and be reminded of the Greek economic crisis all at once, Uwe Dahlhoff has just the product for you: Grexit vodka. The German entrepeneur trademarked the word "Grexit" last week and set about creating different drinks to go along with it. The vodka is lemon flavored, an ode to the saying "When life gives you lemons, make lemonade."
  • Dollar firms before payrolls, Greece unease simmers

    07/02/2015 3:22:23 AM PDT · by expat_panama · 10 replies
    Yahoo Finance ^ | Jul 2, 2015 | Marc Jones
    LONDON (Reuters) - The dollar was near a three-week high on Thursday and world stock markets had a delicate feel, as the implication of U.S. jobs data later for a possible Fed rate hike added to Europe's uncertainty over Greece. Chinese shares also remained in focus as they suffered another heavy tumble overnight to take their loses over the last six weeks to 25 percent, countering otherwise solid performances in the rest of Asia's main centres.Europe's main bourses in London, Frankfurt and Paris and Milan opened largely flat having rallied on Wednesday but the mood remained skittish after hopes of...
  • Greek debt crisis: Major rallies due ahead of vote

    07/02/2015 9:55:37 PM PDT · by BenLurkin · 7 replies
    BBC ^ | 46 minutes ago
    Divisions in Greece have sharpened ahead of the vote. One poll cited by euro2day.gr said 47% of people were leaning toward a "Yes" vote, with the "No" camp at 43%. A previous poll suggested the "No" camp had a shrinking lead. Mr Tsipras has said that a strong "No" vote will help lead to a "better agreement" with creditors. "Our efforts are focused on overcoming the crisis as fast as possible, with a solution that preserves the dignity and sovereignty of our people,'' he said. But EU leaders have warned that a "No" vote on Sunday may see Greece leave...
  • Honeymoon is over for Greek couple who went penniless in NYC

    07/02/2015 8:45:33 PM PDT · by Kartographer · 9 replies
    AP via Yahoo News ^ | 7/2/15 | VERENA DOBNIK
    Newlyweds Valasia Limnioti and Konstantinos Patronis' long-planned "dream trip" to America ended in New York City, where their three-week honeymoon quickly turned into a nightmare: Their Greek-issued credit and debit cards were suddenly declined and they were left penniless. "We were hungry, and I cried for two days," Limnioti said. "I felt homeless in New York." The couple skipped a few meals before spending their last dollars on dinner at McDonald's. Strangers from two Greek Orthodox churches in the city's Queens borough came to the rescue, giving them survival cash until their flight home to Greece on Friday. Their financial...
  • Over 260,000 Austrians sign petition on EU exit

    07/02/2015 7:18:55 PM PDT · by aMorePerfectUnion · 14 replies
    PressTV ^ | 7-2-15
    More than 260,000 people in Austria have signed a petition urging the Austrian government to leave the European Union (EU). According to reports on Thursday, as many as 261,159 Austrians signed the petition. The number in total represents 4.12 percent of the country's electorate. Since under the country's regulations the threshold for calling a debate on a potential referendum is 100,000 people, the Austrian parliament must discuss a referendum on leaving the EU. The call for leaving the EU was most popular in the regions of Lower Austria and in Carinthia where 5.18 percent and 4.85 percent of potential voters,...
  • Greek banks down to €500m in cash reserves as economy crashes

    07/02/2015 7:18:44 PM PDT · by familyop · 33 replies
    The Telegraph ^ | 02 Jul 2015 | Ambrose Evans-Pritchard
    The party's hardline chief and defence minister, Panos Kammenos, dismissed them contemptuously. "We are at war and there will be no backing down. Whoever does not have the stomach for war, be gone," he said... Mr Varoufakis vowed to resign if the Greek people voted yes. "I prefer to cut off my own arm rather than sign an agreement without debt restructuring," he told Bloomberg TV. He said there is not a "smidgeon of an iota of possibility" that the terms on offer can lift the Greek economy out of a deflationary tailspin, insisting that the talks broke down because...
  • The Greeks Invented Mathematics, and Now It’s Bankrupting Them

    07/02/2015 7:39:59 AM PDT · by SeekAndFind · 24 replies
    National Review ^ | 07/02/2015 | Kevin Williamson
    In the short term, the world runs on words; in the long term, the world runs on numbers. It is as though the Muses came to an agreement: In the here and now, mankind is subject to rhetoric, but mathematics gets the final say. In Athens, in San Juan, in Detroit, in Sacramento, in Springfield, and, soon enough, in Washington, Mathematics is arousing herself from her torpor, and she is cranky as hell. The long term is here. Greece has defaulted on its sovereign debt, and its banks have been shut down. Television viewers accustomed to watching a few odd...
  • Athens On The Potomac - It Could Never Happen Here, Right?

    07/01/2015 2:58:16 PM PDT · by freddy005 · 6 replies
    With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it’s not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already. A quarter-century ago, Greek debt levels were roughly 75 percent of Greece’s economy — about equal to what the U.S. has now. As of 2014, Greek debt levels are about 177 percent of national GDP. Now, the country is considering defaulting on its loans and uncertainty...
  • How will the National Socialist Left’s excuse the failure of socialism in Greece?

    07/01/2015 2:37:24 PM PDT · by Voice of Reason1 · 37 replies
    It’s axiomatic that when a socialist regime hits the skids, the left will generally try to claim that such regime is ‘right wing’ somehow. Such claims can and will be completely irrational on their face, but for the national socialist Left it’s all about talking points and a simplistic ( but ‘superior’) mentality that favors headlines and shallow thought on the subject And before you complain that I dare use the word ‘national’ next to the word ‘socialist’ I would ask that you please explain in detail (with documentation) Just how in Hades’ the word national modifies the meaning of...
  • U.S. debt headed toward Greek levels [Psalms 9:17]

    07/01/2015 9:11:48 AM PDT · by Jan_Sobieski · 10 replies
    Washington Examiner ^ | 6/30/2015 | Jason Russell
    United States' projected debt over the next 25 years looks a lot like Greece's over the past 25. With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it's not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already. A quarter-century ago, Greek debt levels were roughly 75 percent of Greece's economy — about equal to what the U.S. has now. As of 2014, Greek debt...
  • How German media shaped the Greece crisis

    07/01/2015 10:05:33 AM PDT · by Olog-hai · 16 replies
    TheLocal.de ^ | 01 Jul 2015 12:50 GMT+02:00 | Tom Barfield
    “No more billions for the greedy Greeks” or “Merkel shoots down new proposals from Athens”: these are just a couple of the bold headlines Germans have digested with their morning coffee in recent months. In a country still massively reliant on traditional forms of media—newspapers, and above all television—for its news, these headlines matter. […] Political discussion on TV is dominated by talk shows such as Anne Will, Günther Jauch and Hart aber Fair (Hard but Fair), where although people outside the mainstream may be invited, “counter-opinions are generally squashed or have little chance of piercing through,” Mühl-Benninghaus pointed out....
  • Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt

    07/01/2015 7:45:42 AM PDT · by SeekAndFind · 8 replies
    Der Spiegel ^ | 02/08/2010 | By Beat Balzli
    Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit. Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received." Creative accounting took priority when it came to totting...
  • Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis

    07/01/2015 7:36:28 AM PDT · by Enlightened1 · 43 replies
    End of the Amercian Dream ^ | 06/30/15 | Michael Snyder
    Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece. On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“. And apparently Obama is not too concerned about the debt crisis in Puerto Rico either. In fact, the Obama administration has already completely ruled out any sort of federal bailout for the island. Barack Obama is assuring us that everything is going to be just fine and that we are not headed for another global financial crisis....
  • Steve Forbes Pens Open Letter to Greek Leaders; Greece Can Teach The World A Needed Lesson

    07/01/2015 6:29:09 AM PDT · by SeekAndFind · 14 replies
    The Pappas Post ^ | 03/05/2015 | BY GREGORY PAPPAS
    Former US Presidential candidate and publisher of Forbes Magazine, Steve Forbes, used the platform of his magazine to pen an open letter to the prime minister and finance minister of Greece, Alexis Tsipras and Yanis Varoufakis. The full text of his letter appears below. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Dear Prime Minister Tsipras and Finance Minister Varoufakis: You may have won a four-month reprieve of sorts from your creditors, but your situation is desperate, and everyone knows it, most particularly Europe’s paymasters, the Germans. As you just painfully learned, your ability to blackmail your creditors is a fraction of what it once was. Businesses,...
  • Greek debt crisis: In Athens, scavenging from bins has become a way to survive

    06/30/2015 5:49:22 PM PDT · by Kartographer · 49 replies
    UK The Telegraph ^ | 6/30/15 | Colin Freeman, and Alastair Good
    Piled high with rubbish congealing in the summer heat, municipal dustbin R21 on Athens' Sofokleous Street does not look or smell like a treasure trove. But for Greece's growing army of dustbin scavengers, its deposits of rubbish from nearby stores and grocery shops make it a regular point of call. "Sometimes I'll find scrap metal that I can sell, although if I see something that looks reasonably safe to eat, I'll take it," said Nikos Polonos, 55, as he sifted through R21's contents on Tuesday morning. "Other times you might find paper, cans, and bottles that you can get money...
  • Glastonbury comes to Greece: festival-like atmosphere at huge anti-bailout protest

    06/30/2015 4:51:20 PM PDT · by familyop · 11 replies
    The Telegraph ^ | 30 Jun 2015 | Colin Freeman
    Rally in downtown Athens has live music, speeches - and "solidarity from the people of Carlisle"...Just like an outdoor summer festival, there were huge crowds, live bands, and the occasional whiff of marijuana...Instead, with the music, food stalls and smattering of ageing hippies, the only thing that made it different from last weekend's Glastonbury festival was that the weather was better... However, as with Glastonbury, not everyone paid close attention to the headline acts. Some focused on the side-shows, such as stalls set up by Greece's myriad other radical groups, who think even Syriza represents a sell-out. The Greek Socialist...
  • Big Fat Greeks, and Weddings ... Mark Steyn

    06/30/2015 11:40:29 AM PDT · by Rummyfan · 14 replies
    Steyn Online ^ | 30 June 2015 | Mark Steyn
    <p>The same people who told us 30 years ago that "marriage is just a stupid piece of paper" now insist that it's a "human right."</p> <p>The same people who told us that "a flag is just a meaningless piece of material" now want certain flags banned and others raised — or else.</p>
  • The next Greece may be in the U.S.

    06/30/2015 10:35:36 AM PDT · by Mariner · 40 replies
    MarketWatch ^ | June 30th, 2015 | By Ellie Ismailidou
    When Chicago Public Schools announced on June 24 that it would borrow $1 billion to make a $600 million-plus pension payment due June 30 an eerie feeling spread across bond investors and taxpayers alike. It was the same feeling that gripped investors when Moody’s Investors Service downgraded Chicago’s credit rating to junk based almost entirely on the city’s pension problems. The fear was that elevated pension costs, in cities like Chicago, might push these public entities into insolvency, wiping out much of the holdings of municipal-bond investors. Once a sleepy corner of the municipal bond market — often not even...
  • It's Official: Greece defaults on IMF payment

    06/30/2015 7:24:07 PM PDT · by SeekAndFind · 55 replies
    The Star ^ | 06/30/2015 | Tanya Talaga
    Greece joins Somalia, Sudan and Zimbabwe on the latest to be in debt to the International Monetary Fund. As Athenians rallied underneath thunderclouds to show their support for keeping Greece in the eurozone of single currency nations, their broke government defaulted on a $2.2-billion payment to the International Monetary Fund. At midnight on Tuesday, Greece joined Sudan, Somalia and Zimbabwe as countries in arrears to the IMF. Also at midnight, the bailout assistance package that began in February 2012 formally expired, leaving Greece without access to any emergency finances. In Washington, the IMF acknowledged that Greece had failed to meet...
  • This hedge fund manager just lost millions on Greece (Clinton Son-in-Law LOL!!!)

    06/30/2015 5:08:18 PM PDT · by PJ-Comix · 41 replies
    Fortune ^ | June 29, 2015 | Stephen Gandel
    Talk about a horrible way to start the week. A number of hedge funds that were already bracing for losses on Greek debt also found out late Sunday night that they would likely have to swallow big losses on investments in Puerto Rico as well. [SNIP!] ...Another loser in Greece has been Marc Mezvinsky, the husband of former, and potentially future, first child Chelsea Clinton. Mezvinsky’s firm EagleVale, which has made bets in Greece, was down nearly 4% last year. A small fund the firm runs that is completely dedicated to investing in Greece was down 48%.
  • Opinion: ‘Spectacular rallies’ await investors who buy Greece now

    06/30/2015 4:43:34 PM PDT · by Oldeconomybuyer · 23 replies
    Market Watch ^ | June 30, 2015 | By Michael Brush
    After months of complacency, a little fear has crept back into the markets. Fear is good because one of the best ways to make money is to buy fear, says Lawrence McDonald, head of U.S. macro strategy at Societe Generale. A good way to buy fear is to go long on Greek stocks via the exchange traded fund Global X FTSE Greece. “Over the next week, there is a good chance we may see spectacular rallies, because this is by no means over,” says McDonald. McDonald sees Greek shares as more of a trading opportunity but, ultimately, he thinks Greece...
  • Despite Financial Woes, Greece’s Business Climate Has Improved

    06/30/2015 11:12:16 AM PDT · by Citizen Zed · 12 replies
    St Louis Fed ^ | 6-29-2015 | Ana Maria Santacreu
    Decisions made regarding Greece over the next few weeks will determine whether Greece will enter what Mario Draghi has called an “unchartered territory.” While Greece’s finances continue to receive considerable attention, the country has made several attempts at reform to varying degrees of success. One area in which Greece has made significant progress is improving its business climate. Since 2010, Greece’s reforms have included: - Reducing its government deficit by reducing its public sector (via laying off public employees and cutting government spending) and increasing taxes - Reforming the labor market - Reducing wages to make the country more competitive...
  • Greek PM proposes a union with San Juan: New nation to be called "Puerto Greco"

    06/30/2015 8:01:37 AM PDT · by ken5050 · 11 replies
    one man's opinion...
    In a surprising last minute effort to solve his country's overwhelming financial crisis, Greek PM Tsipris proposed that his nation merge with US protectorate Puerto Rico. Tsipris said this would immediately solve Greece's financial problems, as Obama will no doubt soon move to bail out Puerto Rico, and Greece would, as part of the new nation, be included.
  • Global markets slide on Greek crisis fears

    06/29/2015 4:26:42 AM PDT · by expat_panama · 24 replies
    CNBC ^ | Jun 29, 2015 | Kalyeena Makortoff
    The deepening Greek crisis hit global markets on Monday, as the country imposed capital controls ahead of a national referendum on creditors' bailout conditions. Uncertainty surrounding the country's economic future dragging equity markets lower. European markets were trading sharply lower, with the pan-European Stoxx 600 (^STOXX) falling around 2.4 percent in morning trade. Both Germany's DAX (^GDAXI) and France's CAC (Euronext Paris: .FCHI) fell nearly 3.5 percent. U.S. futures also indicated a lower open, with the Nasdaq (^NDX), S&P (^GSPC) and Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) all seen opening down over 1 percent. Greece's main stock...
  • Did green madness help create the Greek debt crisis?

    06/30/2015 7:39:20 AM PDT · by Brad from Tennessee · 14 replies
    Watts Up With That? ^ | June 30, 2015 | By Eric Worrall
    The unfolding Greek financial crisis is front page news. The repercussions – bank runs, unsustainable debts, deadlocked creditors – could easily lead to major consequences worldwide. However misconceived the Euro currency was, its downfall will be painful on a global scale. How much of Greece’s current economic problems were caused by the made Hellenic dash into renewable energy? The answer, unsurprisingly, is most likely quite a lot. Greece, like many small European economies, has placed a substantial focus on green energy, seeing it as a quick leg up into the big league – an easy way to attract generous funding...
  • Greece threatens top court action to block Grexit

    06/29/2015 6:34:55 PM PDT · by familyop · 18 replies
    The Telegraph ^ | 29 Jun 2015 | Ambrose Evans-Pritchard
    Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system. “The Greek government will make use of all our legal rights,” said the finance minister, Yanis Varoufakis. “We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,“ he told the Telegraph.
  • French Economy In "Dire Straits", "Worse Than Anyone Can Imagine", Leaked NSA Cable Reveals (2012)

    06/29/2015 5:19:28 PM PDT · by dynachrome · 27 replies
    zero hedge ^ | 6-29-15 | Zero Hedge
    French Finance Minister Says Economy in Dire Straits, Predicts Two Atrocious Years Ahead (TS//SI//NF) (TS//SI//NF) The French economic situation is worse than anyone can imagine and drastic measures will have to be taken in the next 2 years, according to Finance, Economy, and Trade Minister Pierre Moscovici. On 19 July, Moscovici, under pressure to reestablish a preretirement unemployment supplement known as the AER, warned that the situation is dire. Upon learning that there are no funds available for the AER, French Senator Martial Bourquin warned Moscovici that without the AER program the ruling Socialist Party will have a rough time...
  • Opinion: Europe’s war on Greek democracy

    06/29/2015 3:05:24 PM PDT · by Hojczyk · 15 replies
    Market Watch ^ | June 29,2015 | Joseph E. Stiglitz
    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 gross domestic product. I can think of no depression, ever, that has been so deliberate and had such catastrophic consequences: Greece’s rate of youth unemployment, for...
  • Leftist politics have doomed Greece to collapse

    06/29/2015 4:11:46 PM PDT · by Textide · 9 replies
    The Telegraph ^ | 29-June-2015 | Allister Heath
    It is always those in the middle -- and especially what Marxist intellectuals call the petit bourgeois, the aspiring, hard-working workers and savers -- who are hurt the hardest It was Adam Smith who put it best. “There is a great deal of ruin in a nation”, he wrote in reply to an over-excited young man who thought that Great Britain was facing devastation after a setback during the US war of independence. Smith was right about the specifics as well as the general point, of course: America was thankfully soon to win its independence, and both Britain and the...
  • Bailouts, Bail-ins, and the Greeks’ Trojan Horse

    06/29/2015 12:59:47 PM PDT · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 06/29/15 | Dr. Ileana Johnson Paugh
    The Greek market may be shocked and defaults of various debt instruments may emerge. While Americans are eagerly signing petitions to ban the American flag on the heels of Louis Farrakhan’s Nation of Islam leader call to ban the Stars and Stripes “due to its links to racism” or are busily banning anything attached in any way to the Confederate flag and our history, the United States and the world are in serious financial trouble driven by out-of-control debt, particularly the most visible nation of all, Greece. Healthcare for illegals, gay marriage, and other non-stop crises occupy American overwhelmed minds,...
  • Market Tanking - Any Correlation With the Judgement We Can Now Expect? [Vanity]

    06/29/2015 11:35:44 AM PDT · by fwdude · 53 replies
    self-published | 06/29/15 | fwdude
    At last check the market (DJI) was down 254 points after a steady decline throughout the day. US Treasury yields down 14 basis points. I know, the Greek crisis. But Who orchestrates these events beyond our understanding?
  • Under weight of massive welfare state, Greece about to default on IMF loans

    06/29/2015 12:03:00 PM PDT · by Sean_Anthony · 39 replies
    Canada Free Press ^ | 06/29/15 | Dan Calabrese
    And probably leave the Eurozone too. If you want to know what happens when a nation absolutely refuses to reform its insane spending - even when it finds itself at the brink of fiscal collapse - I give you Greece. Not that you want it. The International Monetary Fund doesn’t. The Eurozone doesn’t. The Greek banking system is now shut down, and we’re a day away from Greece defaulting on its IMF bailout loans. When the Europeans presented Greece with an ultimatum - reform the spending now or be cut off - the most the Greek politicians were willing to...
  • Greece to Default on $1.73 Billion IMF Payment

    06/29/2015 10:37:02 AM PDT · by catnipman · 70 replies
    wall street journal ^ | 6/29/2015 | Gabriele Steinhauser and Nektaria Stamouli
    ... Greek Prime Minister Alexis Tsipras spoke by phone with Mr. Juncker and European Parliament President Martin Schulz and asked for help getting an extension to the bailout, a Greek government official said. “The Greek prime minister [Tsipras]expressed the position that the democratic expression of the Greek people is hindered by the closure of banks, which doesn’t apply with the democratic tradition of Europe,” the official said. ... Mr. Tsipras and his government are calling on Greeks to vote “no” to send a signal to Europe and the IMF
  • How Greece Crisis Could Drag Oil Prices Down

    06/29/2015 9:54:41 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 29-06-2015 | Grexit
    The Greek tragedy is reaching its climax. The discussions between Greece and its European creditors broke down over the weekend, with the two sides still at an impasse. Greek Prime Minister Alexis Tsipras balked at deeper austerity cuts to the Greek economy, cuts that are a prerequisite for further help from Berlin and Brussels. As a result, Greece is approaching the precipice. With a massive debt payment due on June 30 to the IMF, Greece could default. The extent of the fallout is anybody’s guess, but Greece could see the value of its bonds plummet, putting its banks in crisis,...
  • If you like the Greek debt crisis, you'll love the Puerto Rico meltdown

    06/29/2015 6:43:57 AM PDT · by SeekAndFind · 32 replies
    American Thinker ^ | 06/29/2015 | Rick Moran
    The governor of Puerto Rico told the New York Times that the island cannot pay back it's $72 billion debt and will seek permission from its creditors to defer payments. The news precedes an address by Governor Alejandro Garcia to the Puerto Rican legislature, where he will unveil a budget that cuts about $670 million from a $9.8 billion budget, while setting aside another $1.5 billion to pay the debt. Fox News: Gov. Alejandro Garcia Padilla's spokesman, Jesus Manuel Ortiz, confirmed that the island's government is seeking to defer payments while negotiating with creditors. He confirmed comments by Garcia that appeared...
  • Greece: At Least It’s Not Detroit

    06/29/2015 5:45:26 AM PDT · by NOBO2012 · 7 replies
    Michelle Obama's Mirror ^ | 6-29-2015 | MOTUS
    We’re going to have to cut those spanakopita pieces smaller!Okay, I’ve decided to back The Donald for president. Oh sure, he’s a pompous, arrogant, rich, white guy. Butt what difference, at this point, does it make? At least he speaks the truth: je suis Greece. In announcing his candidacy for U.S. president, Trump called Greece “unsalvageable” as he warned that America, with its own mounting debt, could end up just like it. – Politico Greece ran out of its own money a long time ago and now, as Madam Thatcher warned, it’s finally running out of other people’s as well,...
  • Dow futures down 226 (Greece shuts down the banks)

    06/28/2015 8:24:06 PM PDT · by Signalman · 30 replies
    cnnmoney ^ | 6/28/2015 | cnnmoney
    Greece shuts banks in bid to prevent collapse.
  • Greek Banks And Stock Exchange 'To Stay Shut'

    06/28/2015 7:23:13 PM PDT · by Enlightened1 · 33 replies
    Sky News ^ | 06/28/15
    Banks and the stock exchange will remain closed today after Greek citizens queued all weekend to withdraw savings. Banks in Greece and the country's stock exchange will be shut all week in a sign of the deepening financial crisis. The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms. Under the controls, there will be a daily €60 limit on withdrawals from cash machines, which will reopen on Tuesday. Speaking in a televised address, Prime Minister Alexis Tsipras urged calm and insisted bank deposits were safe. He blamed European partners...