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Keyword: greececrisis

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  • Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’

    05/21/2015 7:08:19 AM PDT · by Enlightened1 · 17 replies
    The Economic Collapse ^ | 05/20/15 | Michael Snyder
    The Greek government says that a “moment of truth” is coming on June 5th. Either their lenders agree to give them more money by that date, or Greece will default on a 300 million euro loan payment to the IMF. Of course it won’t technically be a “default” according to IMF rules for another 30 days after that, but without a doubt news that Greece cannot pay will send shockwaves throughout the financial world. At that point, those holding Greek bonds will start to panic as they realize that they might not get paid as well. All over Europe, there...
  • Exclusive: Greece taps IMF reserves to pay IMF debt - sources

    05/12/2015 10:07:37 AM PDT · by tcrlaf · 8 replies
    Yahoo News ^ | 5-12-2015 | Lefteris Papadimas and George Georgiopoulos
    Greece emptied an IMF holding account to repay 750 million euros ($840 million) due to the fund, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances. With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month. Greece, like all other International Monetary Fund members, holds reserves from the IMF that are denominated in Special Drawing Rights (SDR), a basket...
  • Greece Two Weeks From Cash Crisis - Yanis Varoufakis

    05/11/2015 5:58:15 PM PDT · by Steelfish · 15 replies
    BBCNews ^ | May 11, 2015
    Greece Two Weeks From Cash Crisis - Yanis Varoufakis Greece's finance minister says his country's financial situation is "terribly urgent" and the crisis could come to a head in a couple of weeks. Yanis Varoufakis gave the warning after eurozone finance ministers met in Brussels to discuss the final €7.2bn tranche of Greece's €240m EU/IMF bailout. Ministers said Greece had made "progress" but more work was needed. The Greek government is struggling to meet its payment obligations. Earlier, Greece began the transfer of €750m (£544m, $834m) in debt interest to the International Monetary Fund - a day ahead of a...
  • Russia Asks Greece To Join BRICS Bank

    05/11/2015 11:06:02 AM PDT · by tcrlaf · 2 replies
    Zerohedge ^ | 5-11-2015 | Durden
    As if the discussions in Brussels and Athens were not mired in enough uncertainty, Bloomberg reports that a Greek official confirms: -STORCHAK ASKED TSIPRAS FOR GREECE TO JOIN BRICS BANK: OFFICIAL The pivot appears to continue. Reportedly, Tsipras was pleasntly surprised by the proposal. As Bloomberg reports, Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia, India, China, South Africa, a Greek govt official says in e-mail to reporters. Tsipras said keen to discuss matter in St. Petersburg Economic Forum June...
  • Greece to Seize Local Government Cash; Two Year Bond Yield Tops 28%

    04/21/2015 10:54:06 AM PDT · by Kaslin · 14 replies
    Townhall.com ^ | April 21, 2015 | Mike Shedlock
    Robbing Peter to pay Paul took another leap forward in Greece today as Tsipras to Seize Public-Sector Funds to Keep Greece Afloat.
  • Stunned Greeks React To Initial Capital Controls And The "Decree To Confiscate Reserves

    04/20/2015 7:07:12 PM PDT · by Rusty0604 · 48 replies
    Zerohedge ^ | 04/20/2015 | Tyler Durden
    Earlier today, following weeks of speculation, Greece finally launched the first shot across the bow of capital controls, when it decreed that due to an "extremely urgent and unforeseen need" (ironically the need was quite foreseen since about 2010, but that is a different story), it would be "obliged" to transfer - as in confiscate - "idle cash reserves" located across the country's local governments (i.e., various cities and municipalities) to the Greek central bank. Several hours later the decree which was posted in the government gazette has finally percolated among the population, and the response to what even ordinary...
  • Stocks plunge 1% amid overseas decline; Dow negative for the year

    04/17/2015 11:52:34 AM PDT · by Citizen Zed · 5 replies
    yahoo finance | Reuters | cnbc ^ | 4-17-2015 | Patti Domm and Peter Schacknow
    U.S. stocks traded sharply lower on Friday, following a global decline in equities on renewed Greece concerns and new Chinese trading regulations. The major averages had their worst day since March 25. The Dow Jones industrial average plunged more than 350 points to trade negative for the year, with American Express (AXP) and 3M (MMM) among the greatest decliners. "I think what's more market moving (than domestic data) is Europe and concerns about Greece, and the put trading rules (in) China," Jim Meyer, chief investment officer at Tower Bridge Advisors. Meyer said the negative reaction in equities and futures was...
  • Stocks Are Trading Deep in the Red Amid Global Jitters

    04/17/2015 9:13:28 AM PDT · by John W · 11 replies
    the street.com ^ | April 17, 2015 | Keris Alison Lahiff
    NEW YORK (TheStreet) -- U.S. stocks cratered on Friday, caught up in a global selloff triggered by changes in Chinese market regulation. A series of poor earnings from the likes of American Express and Advanced Micro Devices also hurt stocks and prompted worries over first-quarter performance for companies in the S&P 500. Wall Street grew nervous on reports Chinese regulators will crack down on over-the-counter margin trading and regulations that allow fund managers to lend shares for short-selling. Global markets sold off on the reports on the view tighter regulation would limit the recent influx of money into China's Shanghai...
  • Greece is 'close to the abyss' as black hole in public finances widens

    04/15/2015 7:48:25 AM PDT · by C19fan · 29 replies
    UK Telegraph ^ | April 15, 2015 | Mehreen Khan
    The depth of Greece's financial woes have been laid bare as official figures showed the country has fallen further into the red following the election of its Leftist government. Greece's primary budget surplus, which excludes its debt interest payments, shrunk to just over €1bn during January and February, compared to €3.17bn over the same period in 2014, according to figures from the Ministry of Finance.
  • Greece prepares for debt default if talks with creditors fail

    04/14/2015 6:22:37 AM PDT · by mykroar · 7 replies
    Financial Times ^ | 4/13/15 | Kerin Hope and Tony Barber
    Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government’s thinking. The government, which is rapidly running out of funds to pay public sector salaries and state pensions, has decided to withhold €2.5bn of payments due to the International Monetary Fund in May and June if no agreement is struck, they said. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste...
  • Russia may give Greece pre-payment of profits from future gas pipeline project

    04/09/2015 9:44:10 AM PDT · by Lorianne · 9 replies
    CNBC/Reuters ^ | 08 April 2015
    Russia is considering soon giving Greece funds based on future profits Athens would earn from shipping Russian gas to Europe as part of an extension of the Turkish Stream gas pipeline project, a Greek government official said. Plans for the pipeline taking Russian gas from Turkey to Europe via Greece would be linked to lower Russian gas prices, the official added. Greece would pay back the Russian prepayment after the pipeline started operating, the official said.
  • Greece draws up drachma plans, prepares to miss IMF payment

    04/03/2015 4:41:02 AM PDT · by C19fan · 22 replies
    UK Telegraph ^ | April 2, 2015 | Ambrose Evans-Pritchard, & Mehreen Khan
    Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands. Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.
  • Endless Supply of Rabbits? Greece to Make April 9 IMF Repayment;

    04/05/2015 11:26:57 AM PDT · by Kaslin · 3 replies
    Townhall.com ^ | April 5, 2015 | Mike Shedlock
    Greece to Make April 9 IMF Repayment April 9th was one of the critical dates by which Greece was said to be out of cash. By now most expect these kinds of deadlines to come and go in belief the eurozone hat has an endless supply of rabbits. Sure enough, Reuters reports Greece Says Ready to Make IMF Payment on April 9 Greece will repay a loan tranche to the IMF on time on April 9, its deputy finance minister said on Friday, seeking to quell fears of default after a flurry of contradictory statements on the issue in recent...
  • Greece Said To Prepare "Grexit", Drachma, Bank Nationalization Plans

    04/04/2015 12:47:25 AM PDT · by Crapolla · 19 replies
    zero hedge ^ | 04/03/2015 | Tyler Durden
    On Thursday morning, we took an in-depth look at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, a missed IMF payment and/or failure to make interest payments to either the ECB or private creditors over the coming weeks would likely lead to default within 30 days, at which point "mark-to-fantasy" becomes mark-to-market and then "mark-to-default" in very short order. Although Greek officials came out midday with a “categorical” denial...
  • Greek PM To Meet With Putin Amid Cash Crunch

    03/17/2015 12:23:33 PM PDT · by tcrlaf · 6 replies
    Zerohedge ^ | 3-16-2015 | Durden
    With Greece digging around in the couch cushions to try and scrape up €2 billion by Friday in order to make payments to the IMF, the ECB, and Goldman, and with celebrity FinMin Yanis Varoufakis doing his absolute best to sink the entire ship with a series of epic PR faux pas, one is left to wonder just where Athens will turn when Berlin and Brussels finally reach the end of their ropes with what increasingly looks like gross incompetence in the Aegean. We may have gotten the answer to that question today via Reuters: Greek Prime Minister Alexis Tsipras...
  • Greece Passes Law To Plunder Pension Funds

    03/12/2015 12:01:39 PM PDT · by tcrlaf · 50 replies
    Zerohedge ^ | 3-12-2015 | Durden
    Having previously hinted that they might 'dip' into public pensions funds for some short-term cash to payback The IMF, and then confirming that the plan is to repo that cash from pension cash reserves (raising concerns about how they will unwind the repo - i.e. pay it back); the Greek government finally signed the bill today that enables them to plunder the Greek people's pension funds (for their own good). The massive irony of this bill is the bill enables greek deposits to be fully invested in Greek sovereign bonds... which Tsipras and Varoufakis both admitted today is "unsustainable" and...
  • Economist Tells Congress: U.S. May Be in ‘Worse Fiscal Shape’ Than Greece

    03/10/2015 3:11:57 PM PDT · by Jan_Sobieski · 86 replies
    CNSNews.com ^ | 03/09/2015 | Barbara Hollingsworth
    (CNSNews.com) -- The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. “The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece," he said. (See...
  • Greek crisis talks collapse in acrimony as Syriza defies EMU

    02/16/2015 2:05:21 PM PST · by NRx · 23 replies
    The Telegraph ^ | 16 Feb 2015 | Ambrose Evans-Pritchard
    Greece is on a collision course with the eurozone’s creditor powers after emergency talks ended in acrimony on Monday night, triggering the most serious political crisis since the launch of the euro. The Leftist Syriza government reacted with fury to eurozone demands that it must stick to the country’s discredited austerity plan, describing the draft text as “absurd and unacceptable”.
  • US and Greece helping to save the euro

    02/16/2015 12:03:14 PM PST · by Lorianne · 6 replies
    CNBC ^ | 15 February 2015 | Michael Ivanovitch
    Greece's pleas to stop the "fiscal waterboarding" of its devastated economy are substantively no different from President Obama's repeated warnings to Germany to stop bleeding the euro area economy with excessive fiscal austerity. Sadly, the president's reportedly more than a dozen phone calls to the German Chancellor Merkel in 2011 and 2012 urging supportive economic policies in the euro area fell on deaf ears. These calls were not just brushed aside; they were plainly ridiculed as Chancellor Merkel kept telling the media that "it made no sense to be adding new debt to old debt." But -- worrying about one-fifth...
  • Greek Talks Fall Apart

    02/13/2015 2:11:33 PM PST · by Kaslin · 35 replies
    Townhall.com ^ | February 13, 2015 | Mike Shedlock
    At midnight, Greece turns into a pumpkin. The clock is clearly ticking but is this the 10th or 11th hour? Given the eurozone propensity to extend deadline after deadline, it's hard to say precisely what time this is. But we can say Greek Bailout Talks with Europe Break Down. Eurozone finance ministers’ first attempt to grapple with the bailout demands made by the new Greek government broke down in recriminations after the two sides failed even to agree a way to take negotiations forward after six hours of talks in Brussels. Jeroen Dijsselbloem, the Dutch finance minister who chairs the...
  • Greece threatens tilt to Russia and China unless Europe yields

    02/11/2015 3:18:31 PM PST · by NRx · 43 replies
    The Telegraph ^ | 10 Feb 2015 | Ambrose Evans-Pritchard
    It is important for clients to be aware of the total amount they paid for day care, and have the day care provider's tax ID number, Social Security number or employer identification number (EIN). A new requirement in 2015, those filing tax returns must bring proof of health insurance, for example Affordable Health Care Act Forms 1099 A, B, or C. Clients should know birth dates for the members of their family. Health Care Marketplace Navigators will be at each tax site to assist families with enrollment in the health insurance marketplace and to answer questions regarding tax credits and...
  • ECB Pulls The Trigger: Blocks Funding To Greece - Full Statement

    02/04/2015 1:17:23 PM PST · by tcrlaf · 22 replies
    Zerohedge ^ | 1-4-2015 | Durden
    Just what the market had hoped would not happen... *ECB SAYS IT LIFTS WAIVER ON GREEK GOVERNMENT DEBT AS COLLATERAL *ECB SAYS IT CAN'T ASSUME SUCCESSFUL CONCLUSION OF GREECE REVIEW What this means simply is that since Greek banks are now unable to pledge Greek bonds as collateral and fund themselves, and liquidity is about to evaporate, the ECB has just given a green light for Greek bank runs... and all the worst parts of the bible (or merely a negotiating move to let Greece see just what kind of chaos this will create). And now finally, after many years...
  • European shares close near seven-year peak on optimism over Greece

    02/03/2015 10:08:21 AM PST · by ConservingFreedom · 7 replies
    Reuters ^ | Feb 3, 2015 | Atul Prakash
    European shares closed near a seven-year high on Tuesday and Greek banking stocks soared after the country's new government softened calls for writing down its debt. Athens proposed ending a standoff with its creditors by swapping the debt for growth-linked bonds. The proposals contrast with the government's strident vows last week to ditch the austerity conditions imposed under its existing bailout. Athens' benchmark index ATG ended 11.3 percent higher, the biggest one-day percentage gain since August 2011. The country's banking index surged nearly 18 percent. National Bank of Greece, Alpha Bank and Eurobank rose by 13.9 to 20.8 percent. "Greek...
  • Obama Expresses Sympathy for New Greek Government ["You Cannot Keep On Squeezing Countries"]

    02/01/2015 8:20:35 PM PST · by Steelfish · 39 replies
    Wall St J. ^ | February 01, 2015 | ANDREW ACKERMAN
    Obama Expresses Sympathy for New Greek Government By ANDREW ACKERMAN Feb. 1, 2015 President Barack Obama expressed sympathy for the new Greek government as it seeks to rollback its strict bailout regime, saying there are limits to how far its European creditors can press Athens to repay its debts while restructuring the economy. “You cannot keep on squeezing countries that are in the midst of depression. At some point there has to be a growth strategy in order for them to pay off their debts to eliminate some of their deficits,” Mr. Obama said in an interview with CNN’s Fareed...
  • Europe's creditors play with 'political fire' in pushing Greece to the brink

    02/01/2015 7:06:51 PM PST · by Lorianne · 15 replies
    Telegraph (UK) ^ | 31 January 2015 | Ambrose Evans-Pritchard
    The North European power structure has issued stern and inflexible warnings to Greece. Syriza’s triumphant radicals must pay the country’s debts and stick to the letter of the hated `Memorandum’ imposed by creditors. If premier Alexis Tsipras breaches the terms of Greece’s EU-IMF Troika bail-out – signed by earlier leaders under duress, and deemed unjust in Athens – Europe will cut off €54bn of support for the Greek banking system and force the country out of the euro in short order. Europe must not yield to “blackmail,” said Germany’s ZEW institute. Wolfgang Schäuble, Germany’s finance minister, said the new Syriza...
  • Eurozone alarm grows over Greek bailout brinkmanship

    02/01/2015 6:06:03 PM PST · by SkyPilot · 39 replies
    Financial Times ^ | 1 Feb 15 | Anne-Sylvaine Chassany in Paris and Peter Spiegel in Brussels
  • 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....