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Keyword: greececrisis

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  • Eurozone bank network getting smaller

    01/21/2014 12:31:45 PM PST · by Olog-hai · 2 replies
    EU Observer ^ | 21.01.14 @ 17:52 | Benjamin Fox
    The number of banks in the eurozone fell by almost 4 percent in 2013, according to data published Tuesday (21 January) by the European Central Bank. There were 6,790 monetary financial institutions (MFIs) based in the euro area at the start of 2014, compared with 7,059 one year ago, a 3.8 percent reduction. Crisis countries Cyprus and Greece saw the largest reductions, losing 26 percent and 17 percent of their financial sector firms over the past year. Greece now has just 62 financial institutions, while Cyprus’ sector has fallen from 409 firms when it joined the EU in 2004 to...
  • EU, IMF at odds over Greek debt

    10/11/2013 11:24:22 PM PDT · by DeaconBenjamin · 5 replies
    ekathimerini.com ^ | Friday October 11, 2013 (20:54)
    Eurozone officials have reacted tersely to the International Monetary Fund’s insistence that Greek debt be restructured, suggesting that Europe and the Washington-based organization are drifting further apart on how the Greek bailout should proceed. A number of top eurozone figures – including European Central Bank executive board member Joerg Asmussen, head of the European Stability Mechanism Klaus Regling and European Economic and Monetary Affairs Commissioner Olli Rehn – are in Washington for discussions with IMF officials. The Europeans, however, seemed annoyed by comments from IMF Managing Director Christine Lagarde in which she urged the eurozone to provide Greece with debt...
  • Eurozone crisis: IMF admits mistakes over Greece bailout - as it happened

    06/06/2013 7:02:45 PM PDT · by TexGrill · 2 replies
    Guardian ^ | 06/05/2013 | Graeme Weardon
    Mea Culpas: translated....Here are a few mea culpas from the final section of the IMF report (p49 and 50), to ponder... 1) With regard to Fund involvement, the view expressed was that it would have been better if the crisis could have been resolved within the EU/euro zone, but neither the authorities nor the EC or ECB had the required program experience. The Fund’s experience in crisis resolution made it a necessary part of the process. Translation: We'd rather have not been there at all. But they'd have done an even worse job without us. 2) Later, the possibility of...
  • Greece's Debt Nightmare Just Got Worse

    10/09/2012 6:38:13 AM PDT · by Oldeconomybuyer · 19 replies
    CNBC via Yahoo! News ^ | October 9, 2012 | By Holly Ellyatt
    German Chancellor Angela Merkel is landing in Greece to show her solidarity with her Greek counterpart, prime minister Antonis Samaras. Seven thousand police officers have been scrambled to clear the streets of central Athens along with rooftop snipers and commandos to protect the German leader. Greece's two largest unions threatened to defy a ban imposed on protesting in the city center, calling on their members to convene at Syntagma square. But economists told CNBC that Merkel was the least of Greece's problems. According to the latest economic forecasts from the International Monetary Fund (IMF), released on Tuesday, Greece will miss...
  • U.S. Companies Brace for an Exit From the Euro by Greece

    09/06/2012 1:42:48 PM PDT · by JerseyanExile · 1 replies
    New York Times ^ | September 2, 2012 | Nelson D. Sschwartz
    Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone. Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency. No one knows just how broad the shock waves from a Greek exit would be, but...
  • US companies conduct fire drills in case Greece exits euro

    09/03/2012 8:17:16 AM PDT · by John W · 7 replies
    New York Times via nbcnews.com ^ | September 2, 2012 | Nelson D. Schwartz
    Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone. Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency. No one knows just how broad the shock waves from a Greek exit would be, but...
  • U.S. Companies Brace for an Exit From the Euro by Greece

    09/02/2012 9:56:19 PM PDT · by Lorianne · 11 replies
    New York Times ^ | 02 September 2012 | Nelson D. Schwartz
    Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone. Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer systems so they will be able to immediately handle a new Greek currency. No one knows just how broad the shock waves from a Greek exit would be, but...
  • Germany May Ask Greece To Exit The Euro 'Temporarily'

    08/25/2012 2:17:09 PM PDT · by Lorianne · 18 replies
    Business Insider ^ | 24 August 2012 | Matthew Boesler
    Market News International is reporting that the German Finance Ministry may ask Greece to exit the euro "temporarily" while it straightens out its finances. From MNI, citing unnamed "senior eurozone officials" as sources: The officials said that in the view of German Finance Ministry officials mulling the plan, it is now the most likely scenario. But it is not a done deal. There is strong opposition to such a plan among some key European officials, and no decision is likely at least until the end of the year. “It is another working scenario which is not new but has emerged...
  • Barack Obama asks eurozone to keep Greece in until after election day

    08/24/2012 7:10:08 AM PDT · by Perdogg · 72 replies
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  • 51% of Germans Believe Germany Better Off Outside Eurozone, 71% Favor Greece Leaving

    07/31/2012 12:13:33 PM PDT · by Kaslin · 17 replies
    Townhall.com ^ | July 31, 2012 | Mike Shedlock
    A recent poll says 51 percent of Germans now believe Germany would be better off without the euro. The Emnid poll for the Bild am Sonntag mass circulation weekly showed 51pc of Germans believed Europe's top economy would be better outside the 17-country eurozone. Twenty-nine percent said it would be worse off, AFP reports. The survey also showed that 71pc of Germans wanted Greece to leave the euro if it did not live up to its austerity promises. Economy Minister Philipp Roesler told Bild am Sonntag there were "considerable doubts whether Greece is living up to its reform promises." Implications...
  • Greece reportedly faces IMF aid cut-off

    07/22/2012 7:49:28 PM PDT · by Ernest_at_the_Beach · 8 replies
    Marketwatch ^ | July 22, 2012, 7:59 p.m. EDT | By Michael Kitchen, MarketWatch
    LOS ANGELES (MarketWatch) — The International Monetary Fund is set to stop aid payments to Greece, raising the odds that the nation will become insolvent as early as September, according to a German press report Sunday citing unnamed European Union officials. The “Troika” of international groups overseeing Greece’s aid — the European Commission, the International Monetary Fund and the European Central Bank (ECB) — are due to send inspectors to Athens this week to gauge progress toward the requirements of its assistance program. However, Der Spiegel reported that it’s “already clear” to the Troika that the Greek government won’t be...
  • Austerity brings Greece's healthcare system to its knees

    06/28/2012 8:16:27 PM PDT · by Vince Ferrer · 3 replies
    CBS Evening News ^ | June 14, 2012 | Clarissa Ward
    (CBS News) ATHENS - Greece is broke, and it agreed to big cuts in government spending in return for a bailout by other European countries. However, because that austerity deal was so hated by Greeks, the government fell. The country will vote for a new parliament Sunday. The question is: Will a new government abandon the bailout agreement, undermining the euro currency and the European Union? Why would Greeks risk that? Dr. Chris Rokkas is a top cardiologist at Attikon hospital, but these days the U.S.-trained surgeon rarely sets foot in an operating room, which is bad news for Georgia...
  • How shock waves will hit US if Greece drops euro

    06/16/2012 2:22:35 PM PDT · by Evil Slayer · 44 replies
    AP ^ | 6/16/12 | Matthew Craft
    NEW YORK (AP) -- The unthinkable suddenly looks possible. Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.
  • Greek banks see outflows pickup as election nears - bankers

    06/13/2012 12:23:49 PM PDT · by Kartographer · 2 replies
    Reuters ^ | 6/13/12 | George Georgiopoulos and Lefteris Papadimas
    Greek banks have seen a marked increase in the pace of bank withdrawals as a June 17 general election nears and fears grow that Greece could be forced out of the euro, senior bankers said on Wednesday. Combined daily deposit outflows from the major Greek banks have reached 500-800 million euros over the past few days, with the pace picking up as the election draws closer and rising noticeably on Tuesday, two bankers said. Deposit outflows at smaller and medium sized banks were running at 10-30 million euros. "This includes cash withdrawals, wire transfers and investments into money market funds,...
  • A Humanitarian Disaster Threatens To Unfold In Greece

    06/13/2012 6:53:06 AM PDT · by C19fan · 36 replies
    Forbes ^ | June 11, 2012 | Nicos Devletoglou
    Europe owes a lot to Greece. Not least for the inspiration that it has drawn pursuing human excellence throughout history to emerge as probably the most civilized part of the world, but perhaps still more for actually remaining free to this day through its heroic stand against Germany’s unprovoked aggression during the Second World War.
  • Prisons are running out of food

    06/06/2012 8:03:57 PM PDT · by Kartographer · 19 replies
    protothema.gr ^ | 5/29/12
    At A Time When The Entire country is Being Tested by Economic Crisis The, Some People are quite literally on the verge of destitution and hunger. At A Time When The empty State coffers CAN Not Support Any concept of Welfare State A, With "Frozen" Towards financing education and Health, The Prison System Could Not an Exception BE. The financing for Many Prisons HAS A decreased to minimum for Some Months now, resulting in hundreds of detainees Being malnourished and Surviving on The Charity of Local Communities. The Latest example is The Prison Where in Corinth after stoppage from The...
  • Greek Power Regulator Calls Emergency Meeting to Avert Collapse of Power Grid and Natural Gas System

    06/03/2012 6:25:59 PM PDT · by Kartographer · 13 replies
    SHTF Plan ^ | 6/3/12 | Mac Slavo
    When the political and economic systems of entire nations collapse the consequences are devastating. Earlier this year pharmacies and hospitals in Greece were unable to provide life saving medicines due to a shortages caused by a freeze in the flow of credit from manufacturers to distributors to patients. A collapse in the country’s economy has forced many Greeks to turn to black market barter economies and has left millions financially devastated, with no hope of finding an income stream for the foreseeable future. The credit system of the entire country is in shambles. So much so that reports are emerging...
  • UPDATE 6-Brent crude oil rises above $107 on Greece, Iran

    05/28/2012 12:04:11 PM PDT · by SunkenCiv · 12 replies
    Reuters ^ | Monday, May 28, 2012 | Christopher Johnson
    Oil rose above $107 per barrel on Monday as fears of a euro zone break-up receded but Middle East oil supply worries resurfaced after minimal progress in talks over Iran's nuclear programme. Opinion polls suggested Greece's pro-bailout conservatives could win elections on June 17, keeping the country in the euro zone and making a swift collapse of the currency bloc less likely. Fears of a war in the Gulf that could threaten global oil supplies have returned after world powers failed to convince Iran last week to halt its most sensitive nuclear work. Tension between Iran and the West remains...
  • Greece Pours $22.6 Billion Into Four Biggest Banks

    05/28/2012 6:13:33 PM PDT · by dynachrome · 9 replies
    Reuters via CNBC ^ | 5-28-12 | Reuters
    Greece handed 18 billion euros ($22.6 billion) to its four biggest banks on Monday, an official said, allowing the stricken lenders to regain access to European Central Bank funding. The long-awaited injection—via bonds from the European Financial Stability Facility rescue fund—will boost the nearly depleted capital base of National Bank, Alpha , Eurobank and Piraeus Bank.
  • EU: Germany holds a gun to Greece's head

    05/24/2012 12:35:03 AM PDT · by bruinbirdman · 23 replies
    The Telegraph ^ | 5/23/2012 | Ambrose Evans-Pritchard
    Pressure on Greece increased dramatically on Wednesday night after Germany's central bank called for a suspension of financial support to Athens and eurozone finance ministries agreed to draft contingency plans for a Greek exit from the euro. In a blunt warning to Athens, the Bundesbank said a Greek withdrawal from the eurozone would be disruptive but "manageable", undermining claims by Greece's radical anti-austerity leader, Alexis Tsipras, that Europe would not dare pull the plug. "When the Eurosystem provided Greece with large amounts of liquidity, it trusted that the programmes would be implemented and thereby ultimately assumed considerable risks," said the...
  • Stocks: Storm clouds continue to gather over Greece

    05/20/2012 10:44:07 AM PDT · by Signalman · 10 replies
    CNNMoney ^ | 5/20/2012 | Hibah Yousuf
    NEW YORK (CNNMoney) -- Facebook is finally public, but that won't solve Greece's problems. Investors are likely to continue to bail out of stocks and continue the move into U.S. Treasuries and gold in search of safety as doubts over Greece's future in the eurozone continue to build. Elections in Greece earlier this month failed to form a coalition government, and now the debt-laden country is under a caretaker government until the next election in June, which experts say will serve as a referendum on whether Greece stays in the eurozone. Syriza, a coalition of leftist parties, is currently leading...
  • G-8 leaders hope Greece remains in eurozone

    05/19/2012 10:53:57 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | May 19, 2012
    The United States and other members of the Group of Eight industrial nations expressed hope Saturday that Greece will remain in the Eurozone, anxious to keep its economic troubles from spreading around the world. The leaders said all of the nations have an interest in the success of efforts to strengthen the eurozone and help Europe's economy grow. President Barack Obama said the leaders agreed that Europe's financial crisis must be addressed with a mix of growth and austerity measures, as they huddled for a shirt-sleeve discussion that also covered world concerns about ups and downs in oil prices. The...
  • Forget Greece, China Biggest Risk to Global Economy: Faber

    05/19/2012 3:40:00 AM PDT · by TigerLikesRooster · 10 replies
    CNBC ^ | 05/18/12 | Jean Chua
    Forget Greece, China Biggest Risk to Global Economy: Faber Published: Friday, 18 May 2012 | 6:16 AM ET By: Jean Chua Writer for CNBC.com Forget Greece, which is an "insignificant" economy, it is China that poses the biggest risk to the global economy, Marc Faber the editor and publisher of the Gloom, Boom and Doom report told CNBC on Friday. "I think the biggest risk is actually China because if you look at Greece, it's an insignificant economy," Faber said on CNBC Asia's “Capital Connection.” "Yes, they owe money, but the market knows that it's bankrupt." The European Central Bank...
  • Europe admits Greece exit preparation

    05/18/2012 2:16:47 PM PDT · by bruinbirdman · 31 replies
    The Telegraph ^ | 5/18/2012 | Philip Aldrick
    Brussels is preparing plans for Greece to quit the euro, a senior official has revealed, as analysts warned that the country’s exit would cost European taxpayers at least €225bn (£180bn). European Union trade commissioner Karel De Gucht said that both the European Commission and the European Central Bank (ECB) were working behind the scenes on contingency plans for a break-up. “Today there are in the European Central Bank, as well as in the Commission, services working on emergency scenarios if Greece shouldn’t make it. A Greek exit does not mean the end of the euro, as some claim,” he said....
  • Stocks end at 4-month lows

    05/17/2012 2:24:21 PM PDT · by Signalman · 10 replies
    CNNMoney ^ | 5/17/2012 | Hibah Yousuf
    NEW YORK (CNNMoney) -- Investors fled stocks and flocked toward the safety of U.S. Treasuries Thursday as worries about Greece's future in the eurozone continued to escalate. The Dow Jones industrial average (INDU) dropped 156 points, or 1.2%, and the S&P 500 (SPX) lost 20 points, or 1.5%. The day's retreat marked the fifth day of declines for the Dow and S&P 500. The Nasdaq (COMP) closed in the red for a fourth consecutive session, shedding 60 points, or 2.2%. Concerns about Greece's place in the 17-nation eurozone continued to build, sending investors toward U.S. goverment debt, which is perceived...
  • Euro crisis ensnares Spain

    05/17/2012 1:20:20 PM PDT · by bruinbirdman · 4 replies
    The Telegraph ^ | 5/17/2012 | Philip Aldrick, Economics Editor, Fiona Govan
    Spain moved back into the eye of the eurozone storm on Thursday as the country’s borrowing costs rocketed to unsustainable levels, the authorities were forced to deny that one of its biggest banks was in meltdown and the economy tipped back into recession. Shares in Bankia, the country’s fourth biggest bank, plunged 29pc amid reports that depositors had pulled out €1bn in the past week. Madrid was then forced to pay 50pc more than in March to drum up interest in a €2.5bn (£2bn) bond. By then end of the day, borrowing costs for benchmark 10-year sovereign debt in Spain...
  • Panicked Greeks withdraw nearly $900 million from banks in one day

    05/17/2012 9:59:10 AM PDT · by aimhigh · 23 replies
    TheStar.com ^ | 05/17/2012 | Steve Slater and George Georgiopoulos
    Excerpts: Worries about a run on Greek banks has rattled Athens this week, after savers withdrew at least 700 million euros ($890 million US) on Monday alone,.. Data shows depositors have also taken flight from banks in Belgium, France and Italy. And on Thursday, Spain’s Bankia was reported to have seen more than 1 billion euros drained by its customers in the past week. In Greece, sources at two banks told Reuters that withdrawals on Tuesday had taken place at about the same rate as on Monday. It is not only Greeks who are worried about their savings. Data shows...
  • Greece Must Exit (Roubini)

    05/17/2012 10:27:12 AM PDT · by blam · 6 replies
    Project Syndicate ^ | 5-17-2012 | Nouriel RoubiniP
    Greece Must ExitMay 17, 2012Nouriel Roubini NEW YORK – The Greek euro tragedy is reaching its final act: it is clear that either this year or next, Greece is highly likely to default on its debt and exit the eurozone. Postponing the exit after the June election with a new government committed to a variant of the same failed policies (recessionary austerity and structural reforms) will not restore growth and competitiveness. Greece is stuck in a vicious cycle of insolvency, lost competitiveness, external deficits, and ever-deepening depression. The only way to stop it is to begin an orderly default and...
  • Europe, US and the world brace for messy impact from Greece

    05/16/2012 11:55:19 AM PDT · by Kartographer · 18 replies
    MSNBC ^ | 5/16/12 | John W. Schoen
    As Greece teeters on the edge of financial collapse, European officials have a new task before them: preventing the financial turmoil from spreading across the continent, across the Atlantic and around the rest of the world. The fear is that Greece’s financial turmoil could spread beyond its borders despite European efforts to create a “financial firewall” to contain it. “The spillover effects, the chain of consequences are very difficult to assess,” said International Monetary Fund President Christine Lagarde on Wednesday. “We can certainly assume that it would be quite messy.”
  • Greeks withdraw $894 million in a day: Is this beginning of a run on banks?

    05/16/2012 9:18:05 AM PDT · by SeekAndFind · 7 replies
    MSNBC ^ | 05/16/2012 | Alastair Jamieson
    The country's economy is in a meltdown, raising fears that Greece will exit the Euro Zone completely and default on its huge pile of debt. Political leaders in Athens were due to discuss an emergency government Wednesday to deal with a possible run on banks as it emerged Greeks withdrew almost $900 million in a single day, fearing their country could crash out of the euro currency by the end of the week. An interim government would take the country through to new elections on June 17, triggered by the collapse on Tuesday of talks to form a coalition between...
  • Greeks Withdraw $894 Million U.S. In Cash Out Of Bank Accounts

    05/16/2012 6:43:34 AM PDT · by Fennie · 38 replies
    AFP ^ | May 15, 2012
    ATHENS, May 15, 2012 (AFP) - Some 700 million euros, equivalent to US $894 million, were withdrawn from Greek banks on Monday, President Carolos Papoulias said, warning that the situation would worsen in coming days. "During a telephone interview with the governor of the Bank of Greece, George Provopoulos, he informed me that the banks situation was very difficult ... and that the banking system was currently very weak," said the president in a transcript released Tuesday.
  • Global lenders face 'killer losses' on Greek debt

    05/15/2012 9:26:43 PM PDT · by bruinbirdman · 18 replies
    The Telegraph ^ | 5/15/2012 | Louise Armitstead
    Foreign holders of €422bn of Greek debt were warned to brace themselves for "killer losses" as coalition talks in Athens collapsed, threatening Greece's future in the eurozone. The euro tumbled to a four-month low and European stock markets dropped as political leaders and economists warned that the next round of elections called in Athens amounted to a vote on Greek membership of the euro “What’s at stake isn’t just the next Greek government,” said Guido Westerwelle, Germany’s foreign minister. “What’s at stake is the Greek people’s commitment to Europe and the euro.” “A second vote means Greece is edging closer...
  • 'Get rid of your Greek euros': Holiday company rebuffed over scaremongering euro warning

    05/15/2012 10:42:07 PM PDT · by Olog-hai · 23 replies
    Daily Mail (UK) ^ | PUBLISHED: 07:45 EST, 15 May 2012 | UPDATED: 08:38 EST, 15 May 2012 | Travelmail Reporter
    An online travel company has advised worried holidaymakers to 'get rid' of their Greek euros in case the crisis-hit country leaves the single currency. As German Chancellor Angela Merkel conceded for the first time that Greece could be forced to quit the euro, DialAFlight warned travelers that their Greek euro notes could become worthless. However, while some experts predict that Greece could leave the single currency within weeks, there has been no official acknowledgement that their euro notes would become worthless. The blog post on the company's website—which has since been removed—was advising Britons to check the origin of their...
  • The Mortgage Minute

    05/14/2012 7:58:04 AM PDT · by neverbluffer · 11 replies
    VANITY | 05/14/2012 | NEVERBLUFFER
    Bond yields are of 7/32 this morning in early trading. Mortgage rates continue to plummet to almost all time low points. The gift from the European fiasco is the gift that keeps on giving if you are in the market for a mortgage for purchasing or refinancing.
  • Greek Socialists Fail to Reach Deal on Coalition [Beginning of The End?]

    05/11/2012 12:48:39 PM PDT · by Steelfish · 19 replies
    Wall St. J ^ | May 11, 2012 | STELIOS BOURAS AND ALKMAN GRANITSAS
    May 11, 2012 Greek Socialists Fail to Reach Deal on Coalition BY STELIOS BOURAS AND ALKMAN GRANITSAS ATHENS—An end to Greece's political deadlock remained elusive for a fifth day Friday as hopes for a coalition government stumbled amid conflicting signals from two leftist parties that appear to hold the key to power and the country's future in the euro zone. Following a day of talks with rival party leaders, Socialist party chief Evangelos Venizelos admitted defeat in forming a cross-party alliance. His counterparts from the conservative New Democracy and leftist Syriza parties also had failed earlier in the week. Marking...
  • Leftist fails to form Greek govt, elections loom

    05/09/2012 12:32:09 PM PDT · by C19fan · 3 replies
    Reuters ^ | May 9, 2012 | Harry Papachristou and Barry Moody
    Leftist leader Alexis Tsipras gave up his attempt to form a new government on Wednesday, pushing Greece closer to its second election in a few weeks, after voter rejection of an EU/IMF bailout plunged the country into crisis. Last Sunday's election, in which voters vented rage against mainstream parties over debt cutting measures imposed in exchange for the bailout, has caused deep political deadlock and brought European threats to eject Greece from the euro.
  • German Patience With Greece on the Euro Wears Thin

    05/09/2012 11:25:54 AM PDT · by C19fan · 12 replies
    New York Times ^ | May 8, 2012 | Nicholas Kulish and Liz Alderman
    Just weeks ago, the idea that Greece would leave the euro zone was almost unthinkable. Now, with Greece’s newly empowered political parties refusing to abide by the terms of the country’s international loan agreement and Europe’s leaders talking tough, that outcome is looking increasingly likely. Germany’s devotion to the euro and the European Union runs extremely deep and cuts across the political spectrum. But the frustration with Greece here is undeniable. There is a growing conviction that it is up to Greece to follow through on its commitments, that Europe is done negotiating.
  • EU: Crisis escalates as insurrection breaks German control of Europe

    05/08/2012 1:13:46 PM PDT · by bruinbirdman · 23 replies
    The Telegraph ^ | 5/8/2012 | Ambrose Evans-Pritchard
    The political dam has broken in Europe. German Chancellor Angela Merkel no longer has enough allies in the club of EU prime ministers to impose her hairshirt agenda. Her methodical plans are disintegrating on every front. For Germany it is a moment of truth. Berlin has put off hard choices since the crisis began The immediate fate of Greece - and the euro - is in the hands of a boyish motorcycle Marxist. Syriza leader deal Alexis Tsipras has vowed to tear up the hated Memorandum, as the EU-IMF "troika" loan package is known. He showed no sign of backing...
  • Greek Communist Leader Supports Staying in Euro Zone

    05/07/2012 2:19:14 PM PDT · by Tailgunner Joe · 13 replies
    cnbc.com ^ | May 07, 2012 | Michelle Caruso-Cabrera
    The surprise winner in the Greek elections is a communist party called the Coalition of the Radical Left, led by a young, charismatic leader named Alexis Tsipras. At the age of 37, he now commands the second largest party in the new government — provided a coalition government can be formed — winning nearly 17 percent of the vote. He spoke exclusively with CNBC back in September 2011 to make clear that he did not support the program that the then-Greek government agreed to in order to secure more than $200 billion in loans to keep the country financially afloat....
  • French Elect Socialist President and Click Ruby Heels Saying “There is No Place Like Greece”

    05/06/2012 2:22:06 PM PDT · by whitedog57 · 25 replies
    Confounded Interest ^ | 05/06/2012 | Anthony B. Sanders
    Francois Hollande defeated French President Nicolas Sarkozy as voters handed control of the second-biggest European economy to the Socialists for the first time in 17 years. Socialist Hollande’s simple solutions include: =Taxes *Impose a tax on financial transactions. *Impose a 75 percent income tax on earnings above 1 million euros ($1.32 million) and raise the rate to 45 percent for the income bracket between 150,000 euros and 1 million euros per year. *Repeal 29 billion euros of tax breaks over the next five years. *Increase total tax level to 46.9 percent in 2017 from 45.1 percent in 2012 (payroll and...
  • LIVE STREAMING: Greece Election Results

    05/06/2012 9:09:04 AM PDT · by tcrlaf · 19 replies
    MegaTV ^ | 5-6-12 | TCRLAF
    First Exit Polls released just minutes ago per Twitter: Greece Exit Poll: ND 17-20% PASOK 14-17% SYRIZA 15,5-18,5% AN. ELLHN. 10-12% KKE 7,5-9,5% XRYSH AYGH 6-8% DHMAR 4,5-6,5% This is IMPORTANT, and could dramatically effect the world economies very quickly.
  • Greece opens detention camp for immigrants as election looms

    04/30/2012 9:45:12 AM PDT · by mojito · 7 replies
    Reuters ^ | 4/29/2012 | Angeliki Koutantou
    Greece opened its first purpose-built detention centre for illegal migrants on Sunday in Athens, a week before a national election where illegal immigration has emerged as a key issue. About 130,000 immigrants cross the country's porous sea and land borders every year, the vast majority via Turkey, and the authorities are forced to release those who are arrested because of a lack of permanent housing. With Greece in its fifth year of recession and worries over rising crime levels, illegal immigration has become a major issue in the run up of the May 6 election.
  • Obama's Bull Against the Tsunami

    09/20/2011 9:37:42 AM PDT · by Kaslin · 4 replies
    Townhall.com ^ | September 20, 2011 | Bill Tatro
    As I watch the events in Europe unfold, it’s like observing a slow-moving train wreck. Everyone knows the 800lb. gorilla in the room is Germany, and that Greece, Italy, and the rest of the PIIGS must tighten their belts to receive any kind of financial aid whatsoever. Transcribing proposals on paper and discussing them in parliament is one thing, implementing those ideas in the real world is something completely different. All the theatrics of meeting after meeting, general pronouncements, and dramatic conference calls can do no more to stop the inevitable than a lifeguard raising their hand trying to stop...
  • Feud Rips Eurozone

    06/11/2011 6:29:52 AM PDT · by Kaslin · 4 replies · 1+ views
    Townhall.com ^ | June 11, 2011 | Mike Shedlock
    The feud between ECB president Jean-Claude Trichet and German finance Minister Wolfgang Schaeuble escalated in a major way today with members of German Parliament siding with Schaeuble and against the wishes of the ECB. German Politicians Demand Private Creditors Participate Please consider Germany MPs discuss resolution on Greece aidGerman members of parliament are discussing on Thursday a joint motion for a resolution demanding the fair participation of private creditors in future aid to Greece, a draft of the paper obtained by Reuters said. The deputies from all three parties in Chancellor Angela Merkel's center-right coalition are demanding to have a say...