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Keyword: greece

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  • TEDxAcademy - Yanis Varoufakis - A Modest Proposal for Transforming Europe (bypass of old media)

    07/07/2015 1:31:57 PM PDT · by longtermmemmory · 2 replies
    Ted Talks ^ | Oct 18, 2011 | Yanis Varoufakis
    Uploaded on Oct 18, 2011 Professor Varoufakis proposes a decentralized system for europe in order to transform it before the crisis of the system crashes Europe. He studies all the different possibilities of actions that can be taken and explains why his proposal is the best option. Studied mathematics at Essex University, received an MSc in mathematical statistics from the University of Birmingham and then, curiously, completed a PhD in... economics at Essex University. Between 1982 and 1988 he taught at the Universities of Essex, East Anglia and Cambridge. From 1988 to 2000 he lived in Sydney, where he lectured...
  • Seven reasons why Yanis Varoufakis is now a political legend (Humor at EU, "Minister of Awesome")

    Whether you like him or not, former Greek Finance Minister Yanis Varoufakis is now a political legend. Hereís why: 1. The way he communicates With his blog and his Twitter account , he speaks directly to the people, his fans and his detractors, when he wants, how he wants it, without the media filter. Non-verbal communication is important too. The infamous video of Varoufakis Ďflipping his middle fingerí to Germany, which caused uproar in German media, may or may not have been faked by a German satirical TV show. In the end it doesnít really matter. He may have an...
  • Chinese chaos worse than Greece

    07/07/2015 11:18:21 AM PDT · by Perseverando · 26 replies
    News.com.au ^ | July 7, 3015 | FRANK CHUNG and AFP
    WHILE the world worries about Greece, thereís an even bigger problem closer to home: China. A stock market crash there has seen $3.2 trillion wiped from the value of Chinese shares in just three weeks, triggering an emergency response from the government and warnings of ďmonstrousĒ public disorder. ē LATEST: CHINESE INVESTORS FLEE FOR SAFETY And the effects for Australia could be serious, affecting our key commodity exports and sparking the beginning of a period of recession-like conditions. ďState-owned newspapers have used their strongest language yet, telling people Ďnot to lose their mindsí and Ďnot to bury themselves in horror...
  • Greeks are voting No to the Church, too

    07/07/2015 10:02:55 AM PDT · by NYer · 10 replies
    Catholic Herald ^ | July 7, 2015 | Fr Mark Drew
    In the minds of many Greeks, the Orthodox Church has become part of an arrogant and self-serving establishment When Alexis Tsipras was sworn in as Greek prime minister in January this year, the ceremony was marked by a symbolically important change in the protocol. Previous governments had sworn on the Gospels, and received a solemn blessing by an impressively vested Archbishop of Athens with attending deacons and chanters. This time Tsipras and most of his incoming ministers chose to dispense with the time-honoured religious oath and affirm on their honour. Syriza, the coalition of the radical Left, has long argued...
  • Thank Goodness The Stupid, Socialist Greeks Said "No" To A Bailout!

    07/07/2015 5:29:11 AM PDT · by Kaslin · 20 replies
    Townhall.com ^ | July 7, 2015 | John Hawkins
    ¬ďThe problem with socialism is that you eventually run out of other people's money.¬Ē ¬Ė Margaret Thatcher Greece is liberal economics on steroids, Detroit writ large, and a place where the "takers" outnumber the "makers." In other words, if you want to know what the end road is for the sort of economics pushed by people like Barack Obama, Hillary Clinton and Paul Krugman, Greece is it. According to the World Bank, Greece¬ís labor participation rate is only 53%. It¬ís hard for private industry to take advantage of an underemployed populace because government regulations and powerful unions make it difficult...
  • With Greece, We're Watching The Revenge Of The Debtors

    07/07/2015 5:09:03 AM PDT · by expat_panama · 51 replies
    Investors Busniness Daily ^ | 07/06/2015 | IBD Editorial
    Socialism: Indebted nations of the world are applauding the "Oxi" vote against "austerity" in Greece not so much as a victory for the common man, but because they have plans to default on the billions they owe. Brace yourself. Socialism: Indebted nations of the world are applauding the "Oxi" vote against "austerity" in Greece because they no doubt have plans to default on the billions (BEG ITAL)they(END ITAL) owe. Brace yourself. What we're witnessing is the revenge of the debtors ó socialist nations that believe they're striking a blow for human rights by not paying what they owe unless creditors...
  • As Greece collapses, the big loser is socialism

    07/07/2015 2:44:01 AM PDT · by RoosterRedux · 39 replies
    foxnews.com ^ | Stephen Moore
    There are no ďgoodĒ options for now to end this Greek tragedy. Itís best for Greece to take the least bad option, which would be forced bankruptcy. Let Greece go bankrupt. And then let this once rich nation, hit the restart button to rebuild its economy. What Iím suggesting for Greece is what we might call the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a hair cut Ė pensioners, bond holders, welfare recipients, government workers, the IMF. Itís tough love, but itís the only...
  • Eurozone leaders open to talks; Greece bringing proposals to Brussels

    07/06/2015 7:55:32 PM PDT · by Kaslin · 18 replies
    DPA international ^ | July 7, 2015 | dpa correspondents
    Paris/Athens (dpa) - Eurozone leaders are pressuring Greece to offer a solution to its financial crisis, and Prime Minister Prime Minister Alexis Tsipras says he will deliver fresh ideas to an emergency summit Tuesday in Brussels. Eurogroup chief Jeroen Dijsselbloem called late Monday for constructive proposals from Tsipras, telling his own Dutch parliament that it was "very questionable" that Greece could remain in the eurozone without a clear reform package. German Chancellor Angela Merkel said in Paris that a "generous" offer was made in late June to Greece - before Tsipras called the referendum in which Greeks on Sunday voted...
  • Greek Debt Crisis Threatens Flow of Imports

    07/06/2015 4:29:59 PM PDT · by abb · 17 replies
    The Wall Street Journal ^ | July 6, 2015 | Juliet Samuel and Monica Houston-Waesch
    Greek votersí decisive rejection of international creditorsí bailout terms adds to the pressure on foreign exporters already worried about getting paid for imports into Greece during the countryís capital controls. Some exporters have reduced the flow to Greece or insisted on payments upfront, while others keep up the imports into the country despite the increasing chance they wonít get paid. European pharmaceutical companies, for instance, are owed more than Ä1 billion for drugs and other goods already imported. snip Greece produces just 63% of the pork and 13% of the beef consumed in the country, according to government data. The...
  • Greek crisis is nothing compared to China

    07/06/2015 4:02:22 PM PDT · by Signalman · 20 replies
    cnnmoney ^ | 7/6/2015 | Paul LaMonica
    The population of Greece is slightly less than the state of Ohio's, while its gross domestic product is just a little bit bigger than the economies of Kazakhstan, Algeria and Qatar. Instead of focusing on Athens, investors should be much more worried about what's going on in China. You know, that country with about 1.4 billion people and the world's second largest GDP? The Shanghai Composite and Shenzhen Composite have both plunged about 30% from their highs due to legitimate concerns that Chinese stocks are in a bubble. China's government is taking steps to try and minimize any more pain...
  • Angela Merkel Faces Monumental Test of Leadership After Greek Vot

    07/06/2015 12:17:36 PM PDT · by McGruff · 19 replies
    NY Times ^ | JULY 6, 2015 | ALISON SMALE and ANDREW HIGGINS
    As chancellor of Germany, Angela Merkel leads a nation that prizes fiscal rectitude and adherence to the rules, and, after pledging tens of billions in bailout programs for five years, has expressed scant sympathy for Greeceís demand for more financial help. As de facto leader of Europe, Ms. Merkel faces a very different set of responsibilities, starting with maintaining European unity in general and holding the euro together in particular.
  • Bankruptcy is the only way Greece can fashion a new beginning

    07/06/2015 11:52:23 AM PDT · by Tolerance Sucks Rocks · 32 replies
    The Washington Times ^ | July 5, 2015 | Stephen Moore
    Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What Iím suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less ó maybe a lot less. Itís...
  • What Greeks are saying to Europe: We won't be bullied

    07/06/2015 11:30:22 AM PDT · by MNDude · 67 replies
    The size of the victory went well beyond the polling consensus that the referendum was too close to call. Six out of ten Greeks said ďnoĒ to European Union demands Ė a staggering figure in any election. This suggests that Tsipras tapped into a deep-seated feeling among Greeks to send the EU a message. That message is not just a ďnoĒ to austerity. Itís a ďnoĒ to how Greeks have been portrayed by European politicians and media: they live off EU largesse, avoid taxes, spend lavishly. More painfully, Greeks have been portrayed as lazy, and donít pay a price for...
  • Financial Markets Crumble As Greece Rejects Austerity, China Teeters On Collapse

    07/06/2015 10:50:57 AM PDT · by SkyPilot · 84 replies
    Addicting Info ^ | 6 July 15 | Nathaniel Downes
    In 2011 the biggest fear from the Greek financial crisis was that it would cause a ripple effect throughout the global economy. But despite years given to de-leverage themselves, banks worldwide are still exposed to Greece, carrying more derivatives than ever tied to the tiny European state. Now that the Greek citizens have rejected the austerity measures proposed by the EU, we are facing a real potential of a Greek default, which could trigger a cascade collapse of credit default swaps and cause the implosion of the German central bank. Then, a continent away, we are facing trouble of a...
  • Greece votes No: The European Union is dying before our eyes

    07/06/2015 7:11:47 AM PDT · by Mariner · 49 replies
    The Telegraph (UK) ^ | July 6th, 2015 | By Nigel Farage
    Despite the scaremongering and bullying from those in Brussels, we are waking today with Greece having delivered a resounding No. That comes despite EU bosses saying that it would mean a Greek exit from the Euro, not to mention the heavy economic pressure placed on the Greek people to go along with the wishes of Brussels. It is a crushing defeat for those Eurocrats who believe that you can simply bulldoze public opinion. Chief bully-boy Martin Schulz, President of the European Parliament, and other supposed leaders of the European Union did their best to terrify the Greek people into submitting...
  • It's All Greek To Me

    07/06/2015 5:16:56 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | July 6, 2015 | Rich Galen
    Let me say, at the outset, that I am so far out of my depth in this issue that if I look up all I see is a sea of numbers. If I were you I would roll my eyes, sigh loudly, hit the DELETE key, and return to a close examination of this morning's postings by your Facebook friends. If you're still with me, hang on. Voters in Greece, yesterday, rejected an austerity program that would have allowed the European Central Bank (the European Union's Fed) to lend money to Greek banks so they would have enough Euros to...
  • Thomas Piketty: "Germany Has Never Repaid Its Debts; It Has No Standing To Lecture Other Nations"

    07/06/2015 10:04:32 AM PDT · by SeekAndFind · 35 replies
    Zero Hedge ^ | 07/06/2015 | Tyler Durden
    One year after Thomas Piketty sold a record number of economic textbook paperweights which virtually nobody read past page 26, once again showing the power of constant media hype, the French economist and wealth redistributor is out and about, this time pouring more gasoline on the fire started by the IMF last week when it released the Greek debt sustainability analysis showing Greece needs a 30% haircut, only to be met with stern resistance by, who else, Germany who know very well that should Greece get a debt haircut it will unleash the European dominoes which not even all...
  • Puerto Rico Shows Greece Needs Ä50 Billion A Year: And Would Still Fail Even Then

    07/06/2015 12:21:37 AM PDT · by bob_denard · 4 replies
    Forbes ^ | 7/05/2015 | Tim Worstall
    Itís true, as Paul Krugman says, that Greece and Puerto Rico are not in exactly the same position. PR is bust to some extent, yes, but itís not in the middle of a catastrophe, as Greece is. However, there is also a similarity in their situations, one thatís extremely instructive. Theyíre both suffering from being in a monetary policy zone, a currency zone, that isnít really suitable for their circumstances. One of the two is in a fiscal policy union as well as that monetary union, the other is not. And itís long been agreed that if youíre to have...
  • Greenfield: Socialismís Greek Staring Contest

    07/06/2015 4:06:57 AM PDT · by Louis Foxwell · 9 replies
    FrontPage ^ | Daniel Greenfield
    Socialismís Greek Staring Contest The day will come when America faces its own inner Greece. July 5, 2015 Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. The Greeks gambled in their referendum that European elites were more committed to their ideological obsession with integrating Europe than with mere economics. Stand up to a bunch of corrupt Greek civil servants and Europe risks going back to the bad old days of nation states and independent economies. It is likely that their bet will pay off. After all even a cursory...
  • Time To Greece That Squeaky Wheel?

    07/06/2015 4:59:05 AM PDT · by NOBO2012 · 5 replies
    Michelle Obama's Mirror ^ | 7-6-2015 | MOTUS
    Remember this?Well congratulations! You are now! Except for one thing: after a few non-lethal union concessions, Detroit got the State to bail them and their pensions out. Greece just said ďnoĒ to the EUís demand for concessions, soÖthis should be fun.Hard to believe isnít it? The country that founded democracy has discovered how to destroy it. Well actually, Alexis de Tocqueville identified that mechanism a couple of centuries ago: ďThe American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.Ē And weíve been implementing it incrementally ever since: †Detroitís giant tire...
  • Yanis Varoufakis Resigns as Finance Minister of Greece After Vote

    07/06/2015 4:49:37 AM PDT · by SeekAndFind · 11 replies
    New York Times ^ | 07/06/2015 | By LIZ ALDERMAN and JACK EWING
    ATHENS ó Greeceís combative finance minister, Yanis Varoufakis, who took a strong stand in demanding that creditors write off some of his countryís debts, abruptly resigned on Monday morning. Mr. Varoufakis had played a central role in rallying votes for a resounding no on a referendum on Sunday that asked Greeks whether they were willing to accept an arrangement with creditors that would require considerable further austerity, such as pension cuts. Mr. Varoufakis had threatened last week to resign in the event of a yes vote, and his decision to step down after he and his allies prevailed in the...
  • Greece votes No: The European Union is dying before our eyes

    Despite the scaremongering and bullying from those in Brussels, we are waking today with Greece having delivered a resounding No. That comes despite EU bosses saying that it would mean a Greek exit from the Euro, not to mention the heavy economic pressure placed on the Greek people to go along with the wishes of Brussels. It is a crushing defeat for those Eurocrats who believe that you can simply bulldoze public opinion. Chief bully-boy Martin Schulz, President of the European Parliament, and other supposed leaders of the European Union did their best to terrify the Greek people into submitting...
  • SOCIALISMíS GREEK STARING CONTEST

    07/06/2015 4:03:59 AM PDT · by Biggirl · 3 replies
    Frontpagemag.com ^ | July 6, 2015 | Daniel Greenfield
    The Greeks gambled in their referendum that European elites were more committed to their ideological obsession with integrating Europe than with mere economics. Stand up to a bunch of corrupt Greek civil servants and Europe risks going back to the bad old days of nation states and independent economies. It is likely that their bet will pay off.
  • Greek Finance Minister Yanis Varoufakis resigns after 'no' vote against bailout

    07/06/2015 3:20:22 AM PDT · by Enlightened1 · 18 replies
    Fox News ^ | 07/06/15
    Greek Finance Minister Yanis Varoufakis resigned from his post Monday after Greek citizens voted to reject further austerity measures the day prior, the Associated Press reported. Varoufakis said he was told shortly after the voters rejected Sunday's referendum regarding demands by international creditors to impose further austerity measures in exchange for a bailout package for its bankrupt economy, that the other eurozone finance ministers and Greece's other creditors would prefer he not attend the ministers' meetings. Varoufakis issued an announcement saying Prime Minister Alexis Tsipras had judged that Varoufakis' resignation "might help achieve a deal" and that he was leaving...
  • Markets are tumbling.

    07/06/2015 3:15:17 AM PDT · by LukeL · 55 replies
    Self
    Dow Futures are already down 125, Oil down 4.4%, Platinum down over $20.
  • Defiant Greeks reject EU demands as Syriza readies IOU currency

    07/05/2015 9:10:39 PM PDT · by catnipman · 41 replies
    The Telegraph ^ | 7/5/15 | Ambrose Evans-Pritchard
    "If necessary, we will issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago," said Yanis Varoufakis, the finance minister. ... Syriza sources say the Greek ministry of finance is examining options to take direct control of the banking system ... They want a new team installed, one that is willing to draw on the central bank's secret reserves, and to take the provocative step in extremis of creating euros. "We have to restore stability to the system, with or without the help of the ECB. We have the capacity to print...
  • Did China's Stock Market Crash Just End Economic Reform?

    07/05/2015 6:43:39 PM PDT · by BenLurkin · 22 replies
    forbes ^ | 7/05/2015 @ 9:59AM
    The beauty of markets is that they have a mind of their own. For the Chinese government, this has been a tough pill to swallow. Try as it might, the Chinese government was unable to arrest the decline in the domestic stock market last week. The central bank cut benchmark interest rates and the amount of money banks must keep with it on reserve. A government investment vehicle made it known that it was buying ETFs. The securities regulator eased regulations on margin trading and the Stock Exchange cut transaction fees. Despite this, the benchmark Shanghai Composite Index declined 12%...
  • Oil prices tumble after Greek no vote to bailout, China stock market turmoil

    07/05/2015 6:55:28 PM PDT · by 2ndDivisionVet · 54 replies
    Reuters ^ | July 5, 2015 | Aaron Sheldrick and Henning Gloystein
    Oil prices fell sharply in early trading on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of steps over the weekend to prevent a full-blown stock market crash. In a referendum on Sunday, Greeks overwhelmingly rejected austerity measures demanded in return for bailout money, putting in doubt its continued place in the single currency and pulling down the euro EUR= in early trading on Monday. In China, stock markets face a make-or-break week after officials rolled out a series of measures to prevent a full-blown stock market crash...
  • Futures sharply lower; live CNBC coverage tonight at 8pm ET

    07/05/2015 4:21:18 PM PDT · by John W · 90 replies
    cnbc.com ^ | July 5, 2015 | Everett Rosenfeld & Ben Berkowitz
    U.S. futures are sharply lower after the Greek vote, and CNBC will have live coverage of the aftermath tonight at 8 p.m. ET. The Greek people voted resoundingly on Sunday to reject proposals from their European creditors. S&P 500 futures fell 1.5 percent in early trading after 6 p.m. ET (2200 GMT).
  • Quartet of crises threatens Europe's core

    07/05/2015 2:57:24 PM PDT · by 867V309 · 8 replies
    news.yahoo.com ^ | 4-5-2015 | Paul Taylor
    The EU's unity, solidarity and international standing are at risk from Greece's debt, Russia's role in Ukraine, Britain's attempt to change its relationship with the bloc, and Mediterranean migration.
  • Greece enters uncharted territory after referendum 'no' vote

    07/05/2015 3:21:49 PM PDT · by familyop · 52 replies
    Associated Press ^ | July 5, 2015 | ELENA BECATOROS and DEMETRIS NELLAS
    ATHENS, Greece (AP) -- Greece lurched into uncharted territory and an uncertain future in Europe's common currency Sunday after voters overwhelmingly rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy. Results showed 61 percent voted "no," compared with 38 percent for "yes," with 93 percent of the vote counted. The referendum - Greece's first in more than four decades - came amid severe restrictions on financial transactions in the country, imposed last week to stem a bank run that accelerated after the vote was called.
  • Drudge has photo of enraged open-mouthed Greeks - What does it all mean?

    07/05/2015 1:25:08 PM PDT · by SamAdams76 · 113 replies
    Apparently there was a "referendum" in Greece and the results are surprising. The Greeks rejected some sort of measure to impose "austerity" in exchange for EU bailout. It is being seen as a "shocking rebuff" to the European leaders and the Euro is taking a tumble on the markets. Drudge says "EU on brink." Others say Greece is a "beleaguered country." Is this what happens when socialism runs out of "other people's money." I must regret to say I have not been following this story as much as I should have on account of the summer routine. So I'm hoping...
  • Greeks cannot tap cash in safe deposit boxes under capital controls

    07/05/2015 12:55:50 PM PDT · by catnipman · 83 replies
    rooters ^ | 7/5/15 | staff
    Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place, a deputy finance minister told Greek television on Sunday. ...
  • Greek referendum results live: 'No' vote to Europe's bail-out terms as Greeks choose to deal

    07/05/2015 12:53:32 PM PDT · by Lurch Addams · 93 replies
    Telegraph ^ | 7/5/2015 | Mehreen Khan
    Greek referendum results live: No vote to eurozone bail-out deal leads by 60 per cent. After 20pc of the vote is counted, Greeks look to have voted 'No' with a 60pc majority against Europe's bail-out conditions
  • Syrizaís historic win puts Greece on collision course with Europe

    07/05/2015 12:03:53 PM PDT · by 867V309 · 23 replies
    theguardian.com ^ | 26 January 2015 | How Greece made history in a day - video Ian Traynor
    ďThereís a sense that these populist movements are led by people who didnít go to university with [the leaders] and that if you ignore them they will go away. Theyíve been ignored and patronised,Ē said a senior EU policymaker in Brussels. ďThe underlying causes are economic. We want a Europe that is delivering tangible benefits to citizens. Thatís not what it feels like at the moment.Ē
  • Early Returns Show Greeks Reject Terms of E.U. Bailout

    07/05/2015 12:11:53 PM PDT · by SunkenCiv · 58 replies
    New York Times ^ | Sunday, July 5, 2015 | Suzanne Daley
    "I voted with my heart and also my mind," said Marie Triadafillou, who works in transportation logistics and voted yes. "I believe when you are in a union you cannot leave. We say in our country if the sheep leaves the flock it cannot live." ...Martin Schulz, the head of the European Parliament, who had offered at one point to come to Greece to campaign for a yes vote, said on Sunday that Greece would need to prepare to operate without the euro and with a parallel currency if there was a no vote on Sunday. While Greece would remain...
  • The Economist Calls Victory For "No" Camp: Sees 60% Voting "Oxi"

    07/05/2015 10:33:29 AM PDT · by Enlightened1 · 18 replies
    Zero Hedge ^ | 07/05/15 | Tyler Durden
    Can't wait 4 more hours until the first official results from the Greek referendum trickle in? The "Intelligence Unit" of the Economist Group, part-owned by the Rothschild banking family, has already called it and the "Oxis" have it by a wide margin.
  • Greek Referendum Polls Close: "No" Seen Ahead By Most With Over 51% Of The Vote

    07/05/2015 9:16:11 AM PDT · by Perdogg · 111 replies
    Zero hedge ^ | 07.05.15
    At 7pm local time the Referendum polls closed. Here is what the early exit polls predict: A poll by GPO on Mega TV gave 51.5% in favor of ďnoĒ and 48.5% in for ďyesĒ Metron Analysis on Antenna TV showed ďnoĒ leading with 49% vs 46% for ďyesĒ MRB on Star TV showed ďnoĒ leading with 49%-54% vs 46%-51% for ďyesĒ Marc opinion poll for Alpha TV shows ďnoĒ ahead with 49.5%-54.5% vs 45.5%-50.5%
  • Greeks canít use iTunes, the App Store, PayPal and more thanks to the financial crisis

    07/05/2015 8:52:26 AM PDT · by Enlightened1 · 17 replies
    The Next Web ^ | 07/04/15 | Mic Wright
    Greece has a lot of problems right now as a result of the debt crisis, but one that you might not have immediately anticipated is that online services that require credit or debit payments to a foreign company are broken. As BuzzFeed reports, the Greek governmentís imposition of capital controls Ė which restrict citizensí ability to take money out of the country Ė following its failure to make debt repayment, also mean they canít buy a Ä0.99 song from iTunes or grab new apps. Of course, itís not the biggest issue faced by the country, but it is another source...
  • Greece, China, and Russia Ė a Plan B for Greece

    07/05/2015 5:21:37 AM PDT · by RKBA Democrat · 3 replies
    Golem XIV ^ | 7-3-15 | Pseudonym
    If the Greeks were to vote ¬ĎNo¬í what would happen next? Well no one can say. But here is a quick thought on what I hope the Greek government might have been exploring if they are excluded from the euro. It¬ís just food for thought nothing more. They have to be prepared to have a currency that does not depend on Europe supplying Euros. So they will need another currency ¬Ė hopefully their own. I think we can be sure no western company has been printing them. There are few such companies and there is, I think, no possibility that...
  • Panic Sets in Among Hardy Hedge Fund Investors Remaining in Greece

    07/05/2015 7:30:40 AM PDT · by Lorianne · 21 replies
    New York Times ^ | 28 June 2015 | Landon Thomas Jr.
    For investors around the world looking at Greece, there was but one question Sunday: What is going to happen when the markets open? On Sunday night, the prime minister, Alexis Tsipras, said in a televised address that Greeceís banks and stock market would be closed on Monday, as Athens tries to avert a financial collapse. But the question of what happens when the markets do open is particularly acute for the hedge fund investors ó including luminaries like David Einhorn and John Paulson ó who have collectively poured more than 10 billion euros, or $11 billion, into Greek government bonds,...
  • Greece proposes tax amnesty for funds parked in Switzerland: paper

    07/05/2015 7:21:10 AM PDT · by Citizen Zed · 22 replies
    Reuters ^ | 7-5-2015
    Greece has proposed a tax amnesty in an effort to collect revenue on billions of euros that its citizens are believed to have quietly stashed in Swiss bank accounts, the NZZ am Sonntag paper reported. The plan, which still needs Greek parliamentary approval and a final accord with Switzerland, is to levy a flat 21 percent tax on such assets to make them legitimate, raising millions that the government in Athens desperately needs, the Sunday paper said, citing unidentified sources. "We welcome the fact that Greece has presented a proposal to resolve this," it quoted Mario Tuor, communications director at...
  • Fears major bank is 'hours from collapse' as millions vote on Greeceís financial future

    07/05/2015 5:44:45 AM PDT · by RKBA Democrat · 61 replies
    Daily Mail UK ^ | 7-5-15 | Lydia Willgress
    (Title edited due to lemgth) Fears the central bank of Greece will collapse following today's referendum are rising as voters flocked to the polls to decide on their country's future. [snip] Officials are set to ask the European Central Bank (ECB) for emergency cash in a bid to stave off financial ruin following tonight's result, it has been reported. [snip] It comes as some sources also suggested ATMs will not open this evening in a bid to save money after EU leaders threatened to withdraw the euro in the event of a 'No' vote.
  • Sugar, flour, rice: panicked Greeks stock up on essentials

    07/04/2015 2:14:45 PM PDT · by Kartographer · 58 replies
    AFP via Yahoo News ^ | 7/4/15 | Pauline Froissart
    Greeks were hoarding cash and food Saturday amid mounting fears the economy could collapse, cracking open their wallets only to stock up on essentials and stripping supermarket shelves in the process. Related Stories Split Greece teeters on the brink with referendum AFP Stakes rise in Greece's bailout referendum AFP Greeks rush to withdraw cash as MPs debate bailout referendum AFP Greece debates referendum amid fears of run on banks AFP Greek banks say have sufficient liquidity until Tuesday AFP Mothers, elderly men and university students were spotted pushing heavily overloaded trolleys or coming out of shops weighed down by bags...
  • What was the question again? Greek voters confused by baffling 74-word referendum conundrum

    07/05/2015 4:03:51 AM PDT · by Libloather · 16 replies
    Daily Mail ^ | 7/04/15 | Keiligh Baker
    What was the question again? Greek voters confused by baffling 74-word referendum conundrum that demands a simple 'yes' or 'no' to decide country's future Greek voters who are facing a momentous vote tomorrow which may determine the country's future in Europe are confused by the baffling wording on the ballot paper. Nearly 10 million Greek voters will take to the ballot booths on Sunday to vote 'Yes' or 'No' in a referendum asking if they accept more austerity measures in return for bailout funds. But many are baffled by the strange wording of the 74-word question, which asks: 'Should the...
  • The past five days have been worse than all that has gone before (Greece)

    07/04/2015 8:53:39 PM PDT · by dynachrome · 19 replies
    Financial Times ^ | 7-1-15 | Iliana Magra
    Sir, Memory. No memory of life before the financial crisis; politics has dominated it ever since. But now I can hardly remember life before Friday night. Fear. I am terrified of tomorrow, all I now see is black. Uncertainty, leading us through our days, every remainder of hope for a brighter future being destroyed by the minute. I look at my three-year-old niece, I envy her ignorance, I envy her age. I am 21 years old and the past few days I feel tired by life. A referendum that supposedly gives me the right to define my future, seems to...
  • Farage on Friday: The EU does NOT care about what is best for Greece

    07/04/2015 7:47:22 PM PDT · by dynachrome · 14 replies
    Sunday Express ^ | 7-3-15 | NIGEL FARAGE, MEP
    As my colleague Patrick OíFlynn recently pointed out in the Daily Express, the bullying of Greece by the EU has stepped up a notch. Threats, scaremongering and fear is being put about to keep that country locked within the Euro straightjacket. All those running the EU care about is their project. They care not for the best wishes of the Greek people, but simply for sustaining the economic madhouse they themselves have created. Locked inside the Euro, the Greek people have been long-suffering. Quite simply, the European Union is quite happy to see Greece crucified as long as the shattered...
  • Greek villagers' secret weapon: Grow your own food

    07/04/2015 5:13:57 PM PDT · by Red in Blue PA · 39 replies
    KARITAINA, Greece (AP) ó Ilias Mathes has protection against bank closures, capital controls and the slashing of his pension: 10 goats, some hens and a vegetable patch. Related Stories 1. Pensioners queue outside banks on 1st day of capital control Associated Press 2. Greeks struggle with daily grind as foreigners head to beach Associated Press 3. Greece rattles Europe; Markets close sharply down CNBC 4. The Latest: Moody's downgrades Greece to Caa3 Associated Press 5. Greece says it will consider bank closures and capital controls on Monday Reuters If Greece's financial crisis deepens, as many believe it must, he can...
  • The Greeks should vote ďno!Ē

    07/04/2015 10:27:15 AM PDT · by Tolerance Sucks Rocks · 60 replies
    The Washington Times ^ | July 2, 2015 | Peter Morici
    Sunday, Greeks should vote ‚Äúno‚ÄĚ!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‚Äė 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‚Äô 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...