Keyword: greececrisis

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  • IMF admits disastrous love affair with the euro and apologises for the immolation of Greece

    07/30/2016 1:33:23 PM PDT · by Lorianne · 2 replies
    Telegraph (UK) ^ | 29 July 2016 | Ambrose Evans-Pritchard
    The International Monetary Funds top staff misled their own board, made a series of calamitous misjudgments in Greece, became euphoric cheerleaders for the euro project, ignored warning signs of impending crisis, and collectively failed to grasp an elemental concept of currency theory. This is the lacerating verdict of the IMFs top watchdog on the funds tangled political role in the eurozone debt crisis, the most damaging episode in the history of the Bretton Woods institutions. It describes a culture of complacency, prone to superficial and mechanistic analysis, and traces a shocking breakdown in the governance of the IMF, leaving it...
  • This time in the euro debt crisis, the IMF will come bearing gifts for the Greeks

    05/22/2016 8:36:52 AM PDT · by Lorianne · 9 replies
    Guardian UK ^ | 22 May 2016
    Greeces predicament is simple. It has debt repayments to make this summer and it doesnt have the money to pay the bills. The European Union can solve this acute cashflow problem by unlocking the funds pledged to Greece under the terms of last summers bailout agreement, but it will only do so if Athens demonstrates that it is serious about sorting out its budget. Austerity today will lead to generosity from EU finance ministers when they meet on Tuesday. Heres where things get interesting. The difference between this Sunday and all the other tension-packed Sundays that have studded the Greek...
  • Greece braces for new austerity-induced pension cuts

    05/08/2016 4:30:16 AM PDT · by ameribbean expat · 7 replies
    DeutscheWelle ^ | May 7, 2016 | Jannis Papadimitrio
    Greece's government is set to pass controversial pension cuts on Sunday. Retirees are livid, and unions are on strike, Jannis Papadimitriou reports from Athens.
  • Europe's liberal illusions shatter as Greek tragedy plays on

    05/02/2016 7:31:15 AM PDT · by Lorianne · 13 replies
    Guardian UK ^ | 01 May 2016 | Larry Elliott
    Greece is running out of money. The government in Athens is raiding the budgets of the health service and public utilities to pay salaries and pensions. Without fresh financial support it will struggle to make a debt payment due in July. No, this is not a piece from the summer of 2015 reprinted by mistake. Greece, after a spell out of the limelight, is back. Another summer of threats, brinkmanship and all-night summits looms. The problem is a relatively simple one. Greece is bridling at the unrealistic demands of the European commission and the International Monetary Fund to agree to...
  • Endgame for the IMF-EU Feud over Greece's Debt

    04/10/2016 3:50:09 PM PDT · by Lorianne
    Spiegel ^ | 03 April 2016 | Yanis Varoufakis,
    The feud between the International Monetary Fund (IMF) and the European side of Greece's troika of creditors is old news. However, Wikileaks' publication of a dialogue between key IMF players suggests that we are approaching something of a hazardous endgame. Ever since the first Greek 'bailout' program was signed, in May 2010, the IMF has been violating its own "primary directive": the obligation not to fund insolvent governments. As a result, the IMF's leadership has been facing a revolt from its staff members who demand an exit strategy arguing that, if the EU continues to obstruct the debt relief necessary...
  • German Parliament Overwhelmingly Approves Greek Bailout

    08/19/2015 4:53:15 AM PDT · by SeekAndFind · 12 replies
    New York Times ^ | 08/19/2015 | Associated Press
    BERLIN Germany's parliament overwhelmingly approved a third bailout for Greece on Wednesday, removing a key hurdle to providing new loans to the country and keeping it from defaulting on its debts in as little as 24 hours. The vote's result also seemed to dispel any speculation that Chancellor Angela Merkel would have difficulty getting her conservative bloc to sign on. Lawmakers voted 454-113 in favor, with 18 abstentions. The approval is among the last due from parliaments across Europe, with the Dutch scheduled to vote later Wednesday, after which Greece is expected to get the first installment of its...
  • The Eurozone's Death By A Thousand Bailouts

    08/05/2015 2:48:12 PM PDT · by Lorianne · 2 replies
    Newsweek ^ | 03 August 2014 | Adam Lebor
    All diplomacy is the continuation of war by other means, former Chinese Premier Zhou Enlai once quipped. These days, the same might be said for eurozone summits. The European Union was founded to ease the continents toxic wartime legacy, to allow Germany to help lead the continent, not dominate it. But in the aftermath of Greeces most recent bailout this summer, the harsh austerity terms imposed on Greece have created an unprecedented level of animosity between the two countries. Now, as the rancor ripples across borders, many are questioning the EUs political and economic future. Under the terms of the...
  • Gold just hit a 5-year low

    07/17/2015 9:31:56 AM PDT · by SeekAndFind · 13 replies
    Business Insider ^ | 07/17/2015 | AKIN OYEDELE
    Gold just hit a five-year low. On Friday morning, the precious metal fell more than 1% to as low as $1,129.80 an ounce, the lowest since 2010. In a morning note to clients on Friday, Accendo Markets wrote: "Gold ($1,144) lower yet again after the German conservatives voted to start talking about the details of a third Greek bailout while Grexit plans were locked away for the time being. So when investors are confident, they sell gold; when they're worried, they don't buy it. A strong US dollar with all this talk of interest-rate hikes likely contributing to gold's seeming...
  • Greek banks prepare plan to raid deposits to avert collapse

    07/03/2015 5:53:34 PM PDT · by House Atreides · 85 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.
  • Banks Union appeals to Greeks to return their money to banks

    07/21/2015 3:16:14 PM PDT · by dynachrome · 16 replies
    http://www.keeptalkinggreece.com/ ^ | 7-20-15 | Keep Talking greece
    President of Greek Banks Association Louka Katseli appealed at the citiznes to return their money to the banks. Banks are absolutely trustworthy, Katseli told Mega TV as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months. Katseli, a former PASOK Minister, appealed to citizens to return their deposits to the banks now that the banks are open after a three-week holiday and capital controls. Lets all help our economy, Katseli urged Greeks and added If you take your money out of...
  • 3 reasons the average American may be worse off than Greece

    07/09/2015 1:39:58 PM PDT · by SeekAndFind · 15 replies
    Fortune ^ | 07/09/2015 | S. Kumar
    Greece may be dealing with a debt crisis, but the average U.S. household may have more to lose. The fate of debt-troubled Greece is now only days away from being decided. Greek Prime Minister Alexis Tsipras requested bailout funds on Wednesday, promising to submit reform proposals later this week. Either the country will agree to severe austerity measures in exchange for a reprieve from its lenders or will have to exit the eurozone and strike out on its own. Whatever happens, the average American may be worse off than Greece. Here are three ways to look at it: 1) Americans...
  • Greece blinked and its past 6 months of chaos have been a complete waste

    07/10/2015 5:28:57 AM PDT · by NCjim · 12 replies
    Business Insider ^ | July 10, 2015 | Mike Bird
    "Elections change nothing. There are rules." Those were the words of Wolfgang Schaeuble, Germany's finance minister and the nightmare of Europe's anti-austerity movements. And looking at the bailout proposal that Greece submitted to its creditors on Thursday night, he wasn't wrong. The Greek government is accepting the overwhelming majority of the deal just rejected at its referendum, and it will get no up-front debt relief.
  • Puerto Rico Shows Greece Needs 50 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
    Its 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 its not in the middle of a catastrophe, as Greece is. However, there is also a similarity in their situations, one thats extremely instructive. Theyre both suffering from being in a monetary policy zone, a currency zone, that isnt 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 its long been agreed that if youre to have...
  • 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 no to European Union demands 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 no to austerity. Its a no 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 dont 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 · 89 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...
  • Germanys Power Polarizes Europe

    07/06/2015 9:59:48 PM PDT · by BenLurkin · 24 replies
    wsj.com ^ | Anton Troianovski
    [W]ith the no vote in Sundays Greek referendum on bailout terms posing the biggest challenge yet to decades of European integration, risks to the European project resulting from Germanys rise as the Continents most powerful country are becoming clear. On Friday, Spanish antiausterity leader Pablo Iglesias urged his countrymen: We dont want to be a German colony. On Sunday, after Greeces result became clear, Italian populist Beppe Grillo said, Now Merkel and bankers will have food for thought. On Monday, Ms. Merkel flew to Paris for crisis talks amid signs the French government was resisting Berlins hard line on Greece....
  • 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...
  • Quartet of crises threatens Europe's core

    07/05/2015 2:57:24 PM PDT · by 867V309 · 9 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.
  • 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).
  • 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...
  • 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
  • Fears major bank is 'hours from collapse' as millions vote on Greeces 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.
  • 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 Greeces 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 including luminaries like David Einhorn and John Paulson who have collectively poured more than 10 billion euros, or $11 billion, into Greek government bonds,...
  • 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.
  • Syrizas 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
    Theres a sense that these populist movements are led by people who didnt go to university with [the leaders] and that if you ignore them they will go away. Theyve been ignored and patronised, said a senior EU policymaker in Brussels. The underlying causes are economic. We want a Europe that is delivering tangible benefits to citizens. Thats not what it feels like at the moment.
  • Early Returns Show Greeks Reject Terms of E.U. Bailout

    07/05/2015 12:11:53 PM PDT · by SunkenCiv · 61 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...
  • 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 · 114 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 no and 48.5% in for yes Metron Analysis on Antenna TV showed no leading with 49% vs 46% for yes MRB on Star TV showed no leading with 49%-54% vs 46%-51% for yes Marc opinion poll for Alpha TV shows no ahead with 49.5%-54.5% vs 45.5%-50.5%
  • 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...
  • The Greeks should vote no!

    07/04/2015 10:27:15 AM PDT · by Tolerance Sucks Rocks · 61 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...
  • How will the National Socialist Lefts excuse the failure of socialism in Greece?

    07/01/2015 2:37:24 PM PDT · by Voice of Reason1 · 38 replies
    Its 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 its 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...
  • 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...
  • 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.
  • 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 Greeces 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...
  • Opinion: Europes 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 countrys gross domestic product. I can think of no depression, ever, that has been so deliberate and had such catastrophic consequences: Greeces rate of youth unemployment, for...
  • 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 doesnt 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
  • 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 Farrakhans 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?
  • Meltdown. Greek banks: Branches may stay shut until July 7; plan for capital controls

    06/28/2015 5:10:51 PM PDT · by catnipman · 20 replies
    Daily Mail ^ | 6/28/2015 | Jason Groves and Louise Eccles
    "The cashpoint at the Greek parliament is reported to have been topped up three times during an emergency session on Saturday night as ministers and MPs scrambled to get their own money out"
  • 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 anybodys guess, but Greece could see the value of its bonds plummet, putting its banks in crisis,...
  • Across spectrum, German leaders condemn Greece's rejection of EU deal

    06/28/2015 12:16:36 PM PDT · by Berlin_Freeper · 46 replies
    reuters.com ^ | Jun 29, 2015 | reuters
    German leaders right and left unleashed a barrage of criticism at Greece Prime Minister Alexis Tsipras on Sunday for rejecting an offer that could have unlocked rescue funds to resolve the debt crisis. Chancellor Angela Merkel's allies and the leaders of her centre-left coalition partners condemned Greece's leftist government, reflecting pent-up public frustration. Germany is the biggest European contributor to the bailout programmes that have kept Greece afloat for the past five years. Opinion polls now show a majority of Germans want Greece to leave the euro zone.
  • Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

    06/28/2015 2:18:22 PM PDT · by tcrlaf · 66 replies
    Zerohedge ^ | 6-28-2015 | Durden
    Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise. Keep Calm...
  • Greek banks 'to stay shut on Monday'

    06/28/2015 10:10:25 AM PDT · by tcrlaf · 144 replies
    BBC News ^ | 6-28-2015 | BBC News
    Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens This breaking news story is being updated and more details will be published shortly
  • EL-ERIAN: 10 things you should know about the crisis in Greece

    06/20/2015 4:24:10 AM PDT · by fella · 11 replies
    Business Insider ^ | 20 June 2015 | Mohamed El-Erian
    Here is what you need to know now as Greece enters a pivotal week in its testy relationship with the Eurozone: 1. Greeces most immediate as in first thing Monday morning source of danger is its banking system. To compensate for accelerated deposit flight, the European Central Bank injected additional emergency funding on Friday to allow the banks to open on Monday. With a lot more needed, the ECB will grow more hesitant to pump in new money unless the Greek government secures an agreement with its European partners and the institutions through which they operate (the European...
  • ECB not sure if Greek banks would open on Monday- officials (Bank Run!)

    06/18/2015 12:02:41 PM PDT · by C19fan · 9 replies
    Reuters ^ | June 18, 2015 | Staff
    The European Central Bank told a meeting of euro zone finance ministers on Thursday that it was not sure if Greek banks, which have been suffering large daily deposit outflows, would be able to open on Monday, officials with knowledge of the talks said. The officials said that during the closed-door meeting of the ministers on Greece, the chairman of the meeting Jeroen Dijsselbloem asked European Central Bank Executive Board member Benoit Coeure if Greek banks would be able to open tomorrow.
  • Greece on 'brink of disaster;' calls emergency meeting

    06/15/2015 7:39:47 AM PDT · by Enlightened1 · 42 replies
    CNBC ^ | 06/15/15 | Holly Ellyatt
    Greece's Prime Minister Alexis Tsipras is to hold an emergency government meeting at midday London time to discuss the failure of the latest round of discussions with its creditors to help stop the country tumbling into bankruptcy. Tsipras will meet with Deputy Prime Minister Yannis Dragasakis, State Minister Nikos Pappas and Alternative Foreign Minister for International Economic Relations Euclid Tsakalotos in the wake of the breakdown of negotiations in Brussels at the weekend, a government spokesman confirmed. Talks between Greece and its creditors over the weekend yet again failed to resolve the impasse over reforms, with European officials blaming Greece...
  • Dow falls 150 points into the red for the year as Greece weighs; tech lags

    06/15/2015 7:37:26 AM PDT · by Enlightened1 · 6 replies
    CNBC via Yahoo Finance ^ | 06/15/15 | Evelyn Cheng
    U.S. stocks traded about 1 percent lower on Monday, following a decline in European equities on the collapse of weekend talks between Greece and its creditors. "Right now the key driver in the U.S. and international markets seems the breakdown in the Greece negotiations," said Art Hogan, chief market strategist at Wunderlich Securities. The Dow Jones industrial average fell back into the red for 2015. The index traded about 160 points lower after earlier falling nearly 200 points, with United Technologies leading all blue chips lower. Information technology led declines across all 10 S&P 500 sector
  • 'Last attempt' to seal Greek deal with creditors fails

    06/14/2015 1:05:35 PM PDT · by Red in Blue PA · 19 replies
    BRUSSELS/ATHENS (Reuters) - Talks on breaking a deadlock between Greece and its international creditors broke up in failure on Sunday, with European leaders venting their frustration as Athens stumbled closer toward a debt default that threatens its future in the euro. With Athens insisting it would never give in to demands from the EU and IMF for pension and wage cuts, the European Commission declared that the negotiations in Brussels, also involving the European Central Bank, had not succeeded.
  • Greek default fears rise as 11th-hour talks collapse

    06/14/2015 2:26:02 PM PDT · by John W · 19 replies
    http://www.ft.com ^ | June 14, 2015 | Peter Spiegel & Kevin Hope
    Talks aimed at reaching an 11th-hour deal between Greek ministers and their bailout creditors collapsed on Sunday evening after a new economic reform proposal submitted by Athens was deemed inadequate to continue negotiations. The breakdown is the clearest sign yet that differences between the two sides may be too wide to breach, increasing the possibility that Athens will not secure the 7.2bn in bailout aid it needs to avoid defaulting on its debts including a 1.5bn loan repayment due to the International Monetary Fund in just two weeks.