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Keyword: euro

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  • Lesson Learned: Poland, Czech Republic Won't Join "Burning" Euro

    07/27/2015 10:30:40 AM PDT · by SeekAndFind · 4 replies
    Zero Hedge ^ | 07/27/2015 | Tyler Durden
    With the turmoil in Greece proving once and for all that in the absence of a fiscal union, the EMU simply cannot function or if it does, it will be subject to episodic crises stemming from endemic differences of opinion on fiscal policy, outsiders could be forgiven for looking upon the currency experiment as an abject failure.Indeed, the struggle to secure a bridge loan for Athens last week underscored the degree to which non-euro countries are reluctant to put their taxpayers on the hook for problems which they believe are the result of an ill-fated attempt to unite fundamentally...
  • What Assets Did Greece Just Hand Over To Europe: "Airports, Airplanes, Infrastructure ...

    07/13/2015 8:55:22 AM PDT · by SeekAndFind · 23 replies
    Zero Hedge ^ | 07/13/2015 | Tyler Durden
    The Simpsons had it right all along: With the provocative and dramatic Greek "time out" language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend "deal" for the Greek people will be the return of the Troika's (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in  Greek assets in a liquidation fund. Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and...
  • Greece debt crisis: Eurozone summit strikes deal (Nullify Greek Vote)

    07/13/2015 4:51:34 AM PDT · by Enlightened1 · 8 replies
    BBC ^ | 07/13/15
    Eurozone leaders have agreed to offer Greece a third bailout, after marathon talks in Brussels. Amid one of the worst crises in the EU's history, the head of the European Commission said the risk of Greece leaving the eurozone had been averted. Greek Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured a "growth package" and debt restructuring. Greece will now have to pass reforms demanded by the eurozone by Wednesday. These include measures to streamline pensions, raise tax revenue and liberalise the labour market. An EU statement spoke of up to 86bn (61bn) of financing...
  • Germany reportedly preparing for Greece exit from eurozone

    07/12/2015 6:09:07 AM PDT · by Enlightened1 · 2 replies
    Fox News ^ | 07/12/15
    Germany has reportedly began preparing for Greece to be rejected from the eurozone, as the European Union faces less than 24 hours to save the country from collapse. Greece failed to give its creditors in the 19-country eurozone proof that it can deliver on its promises to implement tough austerity and reform measures in return for billions more in bailout money. Finance ministers canceled a European Union summit meeting Sunday in an effort to do everything it takes to get a deal done or to decide to eject Greece from the eurozone. Should a deal fall through, The Telegraph reports...
  • Joseph E. Stiglitz: The U.S. Must Save Greece

    07/09/2015 6:53:53 AM PDT · by C19fan · 34 replies
    Time ^ | July 9, 2015 | Joseph E. Stiglitz
    If Greece continues with austerity, it would be depression without end As the Greek saga continues, many have marveled at Germanys chutzpah. It received, in real terms, the largest bailout and debt reduction in history and unconditional aid from the U.S. in the Marshall Plan. And yet it refuses even to discuss debt relief. Many, too, have marveled at how Germany has done so well in the propaganda game, selling an image of a long-failed state that refuses to go along with the minimal conditions demanded in return for generous aid.
  • Your moment has come, Mr Tsipras, take back control of your country - Nigel Farage

    07/08/2015 7:24:10 AM PDT · by Enlightened1 · 9 replies
    Youtube ^ | 07/08/15
    So your moment has come, and frankly if you have the courage you should lead the Greek people out of the Eurozone with your head held high. Get back your democracy; get back control of your country. Give your people the leadership and the hope that they crave. Yes it will be tough in the first few months but with a devalued currency and with friends of Greece all over the world, you will recover.
  • Seven reasons why Yanis Varoufakis is now a political legend (Humor at EU, "Minister of Awesome")

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

    07/06/2015 11:52:23 AM PDT · by Tolerance Sucks Rocks · 32 replies
    The Washington Times ^ | July 5, 2015 | Stephen Moore
    Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What Im suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less maybe a lot less. Its...
  • Time To Greece That Squeaky Wheel?

    07/06/2015 4:59:05 AM PDT · by NOBO2012 · 5 replies
    Michelle Obama's Mirror ^ | 7-6-2015 | MOTUS
    Remember this?Well congratulations! You are now! Except for one thing: after a few non-lethal union concessions, Detroit got the State to bail them and their pensions out. Greece just said no to the EUs demand for concessions, sothis should be fun.Hard to believe isnt it? The country that founded democracy has discovered how to destroy it. Well actually, Alexis de Tocqueville identified that mechanism a couple of centuries ago: The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money. And weve been implementing it incrementally ever since: Detroits giant tire...
  • Yanis Varoufakis Resigns as Finance Minister of Greece After Vote

    07/06/2015 4:49:37 AM PDT · by SeekAndFind · 11 replies
    New York Times ^ | 07/06/2015 | By LIZ ALDERMAN and JACK EWING
    ATHENS Greeces combative finance minister, Yanis Varoufakis, who took a strong stand in demanding that creditors write off some of his countrys debts, abruptly resigned on Monday morning. Mr. Varoufakis had played a central role in rallying votes for a resounding no on a referendum on Sunday that asked Greeks whether they were willing to accept an arrangement with creditors that would require considerable further austerity, such as pension cuts. Mr. Varoufakis had threatened last week to resign in the event of a yes vote, and his decision to step down after he and his allies prevailed in the...
  • 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
  • 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...
  • Greek banks down to 500m in cash reserves as economy crashes

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

    07/02/2015 9:55:37 PM PDT · by BenLurkin · 7 replies
    BBC ^ | 46 minutes ago
    Divisions in Greece have sharpened ahead of the vote. One poll cited by euro2day.gr said 47% of people were leaning toward a "Yes" vote, with the "No" camp at 43%. A previous poll suggested the "No" camp had a shrinking lead. Mr Tsipras has said that a strong "No" vote will help lead to a "better agreement" with creditors. "Our efforts are focused on overcoming the crisis as fast as possible, with a solution that preserves the dignity and sovereignty of our people,'' he said. But EU leaders have warned that a "No" vote on Sunday may see Greece leave...
  • 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
  • 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,...
  • Greece: At Least Its Not Detroit

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

    06/28/2015 6:46:15 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Washington Times ^ | June 26, 2015 | Peter Morici
    <p>Greece and its principal creditorsthe European Union, European Central Bank and International Monetary Fundshould acknowledge that Athens will never be able to repay the 131 billion it owes, write down its debt and let the Aegean nation exit the euro gracefully.</p>
  • Ballot Language of Greek Plebiscite on EU "Deal"

    06/28/2015 1:12:17 PM PDT · by catnipman · 8 replies
    Various ^ | 6/28/2015 | self
    Obtained from various sources: Greeces referendum question will apparently read as follows: Greek people are hereby asked to decide whether they accept a draft agreement document submitted by the European Commission, the European Central Bank and the International Monetary Fund, at the Eurogroup meeting held on on June 25 and which consists of two documents: The first document is called Reforms for the Completion of the Current Program and Beyond and the second document is called Preliminary Debt Sustainability Analysis. - Those citizens who reject the institutions proposal vote Not Approved / NO - Those citizens who accept the institutions...
  • Greeks Line Up to Withdraw Cash After Referendum Announcement

    06/27/2015 6:31:27 AM PDT · by Oldeconomybuyer · 21 replies
    Wall Street Journal ^ | June 27, 2015 | By COSTAS PARIS
    ATHENSLines formed at ATMs in Greeces capital city on Saturday as uncertainty spread about the nations solvency and fate inside the eurozone. Most ATMs continued to disburse bank notes, but some ran out. Greek bank officials said they were making efforts to replenish ATMs that were running out. It wasnt clear how heavy the days bank withdrawals would be in total. But the unusually long queues were a sign of many Greeks surprise and anxiety after Prime Minister Alexis Tsipras on Friday night announced a referendum on July 5 on the economic-policy conditions that creditors want to impose in exchange...
  • Hungary to Build Fence on Serbian Border as Fast as Possible

    06/24/2015 6:00:32 AM PDT · by Oldeconomybuyer · 11 replies
    ABC News ^ | June 24, 2015 | By PABLO GORONDI
    Hungary has decided to build a temporary fence on the border with Serbia as fast as possible to stop the flow of illegal migrants, the foreign minister said Wednesday. 61,000 migrants had entered Hungary this year, nearly all by crossing Hungary's southern border with Serbia. Most of those who request refugee status in Hungary quickly leave for other destinations in western Europe, like Austria, Germany and Sweden. Refugees can be returned to the EU country where they first made their asylum request. Refugees registering for asylum in Hungary had already likely passed through Greece first, so they should be sent...
  • IMF: Greek Reforms Too Reliant On Tax Rises

    06/24/2015 5:48:52 AM PDT · by Oldeconomybuyer · 11 replies
    Sky News ^ | June 24, 2015
    The International Monetary Fund is cautious about the mix of reforms Greece has proposed, saying they rely too heavily on tax increases that can hurt the economy. The IMFs concern is that Greeces proposed reforms should be more related to spending cuts rather than tax rises which hit businesses. The new proposals by Athens aim to raise 8bn, mostly through new taxes on the wealthy and businesses, early retirement restrictions, VAT increases and a cut in defence spending.
  • 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.
  • IMF has betrayed its mission in Greece, captive to EMU creditors

    06/05/2015 3:56:20 PM PDT · by The_Reader_David · 4 replies
    The Telegraph (London) ^ | 5 June 2015 | Ambrose Evans-Pritchard
    .... The International Monetary Fund is in very serious trouble. Events have reached a point in Greece where the Fund's own credibility and long-term survival are at stake. The Greeks are not withholding a 300m payment to the IMF because they have run out of money, though they soon will do. .... They knew exactly what they were doing. The IMFs Christine Lagarde was caught badly off guard. Staff officials in Washington were stunned. .... The IMFs Original Sin in Greece was to allow the urbane Parisian Dominique Strauss-Kahn to hijack the institution to prop up Europes monetary union and...
  • Greece misses IMF payment in warning shot as showdown with Europe escalates

    06/05/2015 7:11:22 AM PDT · by C19fan · 7 replies
    UK Telegraph ^ | June 4, 2015 | Ambrose Evans-Pritchard
    Greece is to take the drastic step of skipping a 300m payment to the International Monetary Fund on Friday, invoking an obscure mechanism in abeyance since the 1970s to bundle all debts due in June and pay them at the end of the month. It is the first time that a developed country has ever missed a payment to the IMF since the creation of the Bretton Woods institutions at the end of the Second World War. The news broke after the Athens stock exchange had closed but a bloodbath is feared when the bourse opens on Friday. Yields on...
  • Greece resorts to emergency account to repay IMF debt

    05/12/2015 5:17:47 AM PDT · by C19fan · 2 replies
    AFP ^ | May 12, 2015 | Staff
    Greece was forced to tap into an emergency account in order to meet a debt repayment of 750 million euros ($845 million) due Tuesday to the International Monetary Fund, a central bank source told AFP. "That was an initiative by the Bank of Greece's governor to break the deadlock," said the source.
  • 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 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.
  • Euro Falls To Near 1-Year Low Vs Dollar On Greece Worries

    04/23/2010 12:23:53 AM PDT · by bruinbirdman · 7 replies · 524+ views
    Market Watch ^ | 4/23/2010 | Andrew Monahan
    1:43 a.m. Concerns that the Group of 20 industrialized and developed nations may not come up with an effective plan to address Greece's debt problems prodded short-term investors to sell the euro in Asia Friday, sending the currency to its lowest level against the dollar in nearly a year. In morning trade in Japan, the euro dropped to $1.3201, its lowest level since April 30, 2009. Dealers said mounting anxiety that Greece could default on its debt may drag the common currency below $1.3000 next week. The focus throughout Asian trading was on the possible outcome of discussions among top...
  • Euro could fall to 85 cents against US dollar

    03/12/2015 7:53:08 PM PDT · by Lorianne · 34 replies
    CNBC ^ | 11 March 2015 | Michelle Fox
    As analysts were waiting to see how fast the euro reaches parity against the U.S. dollar, one foreign exchange pro told CNBC he saw the common currency dropping even further, with the dollar strengthening another 20 percent. George Saravelos, global co-head of FX research at Deutsche Bank, said the euro could fall to 85 U.S. cents against the greenback.
  • Euro slips to new 12-year low against US dollar ($1.05)

    03/11/2015 9:09:49 PM PDT · by tcrlaf · 15 replies
    Straits Times ^ | 3-12-2015 | Reuters
    The euro slipped to a fresh 12-year low against the US dollar on Thursday as the common currency continued to buckle under pressure felt since the European Central Bank launched its massive quantitative easing scheme at the start of the week.
  • Dollar Hits Fresh Highs Against Euro, Yen

    03/10/2015 1:27:34 AM PDT · by Oliviaforever · 11 replies
    WSJ ^ | 3/10/15 | HIROYUKI KACHI
    The dollar set fresh multiyear highs against the euro and the yen in Asian trade Tuesday, as market participants bet on the continuing divergence in monetary and economic conditions in the U.S., the eurozone and Japan.
  • European Central Bank Launches Trillion-Euro Stimulus

    03/09/2015 2:40:01 PM PDT · by E. Pluribus Unum · 11 replies
    ABC News ^ | 03/09/2015 | DAVID McHUGH
    The European Central Bank has hit the launch button on its 1.1 trillion euro ($1.2 trillion) stimulus program by starting to buy government bonds. The chief monetary authority for the 19 countries that use the euro confirmed Monday it had begun the purchases, which aim to make credit cheaper, boost growth and raise inflation. ECB President Mario Draghi had announced the start date last week, sending stocks higher and the euro lower.
  • Greece Proposes Using Tourists as Tax Spies to Fill Shortfall

    03/08/2015 6:04:16 AM PDT · by C19fan · 6 replies
    NY Times ^ | March 7, 2015 | Liz Alderman
    Despite the European accord last month to extend a financial lifeline to Greece, Athens is rapidly running out of cash. So it is scrambling to find new, even radical ways to fill the shortfall including a proposal to recruit citizens and tourists to spy on suspected tax evaders. Greeces coffers may be empty before the end of this month, as tax receipts shrink and the economy shows signs of lapsing back into recession. Athens officials have hinted they may have trouble repaying or refinancing a total of about 7 billion euros, or $7.7 billion, owed in March to the...
  • Euro hits 12-year low, parity with dollar looms

    03/06/2015 5:20:35 AM PST · by SeekAndFind · 3 replies
    UT San Diego ^ | 03/06/2015 | By PAN PYLAS
    LONDON (AP) The euro could soon be doing something it's only done a couple of times in its 16-year existence trading 1-to-1 with the dollar. Europe's single currency has since May been on a downward trajectory against the dollar, mainly because of the divergence in economic performance between the eurozone and the United States. Where the eurozone's recovery from the global financial crisis has been at best anemic, the U.S. economy appears to be going from strength to strength. And that divergence is hurting the euro's fortunes. From $1.40 last spring, it is now trading below $1.10 for...
  • Europe: Time for the Third Way

    03/05/2015 10:11:06 AM PST · by Jan_Sobieski · 9 replies
    The Office of Tony Blair ^ | 2/11/2015 | Tony Blair
    Europe as an entity and as an ideal is more needed than ever. The individual countries of Europe need the collective power of Europe to assert their interests, influence and values. Yet, as the impasse over Greece confirms, the continent is in crisis. Many assume that some form of compromise is in the offing. Debt can somehow be kicked down the road. The Greek government will bend; the troika of creditors the EU, ECB and International Monetary Fund will bend and somewhere in the middle the two will come together. I do not see it. Greece is part...
  • Its Germany vs. Greece, And The Very Survival Of The Eurozone Is At Stake

    02/24/2015 3:17:20 PM PST · by SeekAndFind · 16 replies
    TEC ^ | 02/23/2015 | Michael Snyder
    Is this the beginning of the end for the eurozone? On Thursday, Germany rejected a Greek request for a six-month loan extension. The Germans insisted that the Greek proposal did not require the Greeks to adhere to the austerity restrictions which previous agreements had forced upon them. But Greek voters have already very clearly rejected the status quo, and the new Greek government has stated unequivocally that it will not be bound by the current bailout arrangement. So can Germany and Greece find some sort of compromise that will be acceptable to both of them? It certainly does not help...
  • Eurozone Officials Reach Accord with Greece to Extend Bailout

    02/20/2015 2:10:23 PM PST · by SteveH · 8 replies
    The New York TImes ^ | feb 20 2015 | Liz Alderman James Kanter
    Brussels- European leaders agreed on Friday to extend Greece's bailout for four months after weeks of terse negotiations.
  • Germany rejects Greek loan request

    02/19/2015 8:27:57 AM PST · by C19fan · 31 replies
    BBC ^ | February 19, 2015 | Staff
    Germany has rejected a Greek request for a six-month extension to its eurozone loan programme. The rejection came despite the European Commission calling the Greek request "positive" only minutes earlier. Greece had sought a new six-month assistance package, rather than a renewal of the existing deal that comes with tough austerity conditions. However, a German finance ministry spokesman said it was "not a substantial proposal for a solution".
  • 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...
  • Greeks brim with pride as country totters on the edge

    02/15/2015 5:32:22 AM PST · by C19fan · 39 replies
    Reuters ^ | February 15, 2015 | Deepa Babington and Karolina Tagaris
    For over a fortnight, Europe's single warning to Greece has been that the chaos and misery of national bankruptcy await it unless its new left-wing government changes its anti-austerity tune. The message of impending doom appears to have gone largely unnoticed on the streets of Athens, where a mood of hope and optimism bordering on euphoria reigns as Greeks see themselves finally shaking off foreign shackles to shape their own destiny.
  • Greek Revolt Long Overdue

    02/10/2015 12:00:12 PM PST · by Kaslin · 38 replies
    Townhall.com ^ | February 10, 2015 | Peter Morici
    Germany has been sacking Greece and other Mediterranean economies for years, and the Hellenic revolt against austerity is overdue. When the euro was established in 1999, prices were translated from the mark, franc and other currencies into euro at prevailing exchange rates. (Greece joined the Eurozone in 2001, giving up the drachma.) National prices reflected differences in labor costs and efficiency across countries, but owing to a variety of social and demographic conditions, productivity improved more rapidly in Germany and other northern countries. Making goods in the South became too expensive, and Greece and others could no longer export enough...
  • Greece warns euro could collapse like house of cards

    02/09/2015 11:25:52 AM PST · by tcrlaf · 21 replies
    AFP ^ | 2-9-2015 | AFP
    A Greek exit from the euro would see the euro collapse like a house of cards, Finance Minister Yanis Varoufakis warned in comments that triggered a spat with Italy. "Greece's exit from the euro is not something that is part of our plans, simply because we believe it is like building a house of cards. If you take out the Greek card, the others will collapse," Varoufakis said in an interview with Italian public broadcaster RAI that was aired on Sunday. Varoufakis also incurred the wrath of his Italian counterpart Pier Carlo Padoan by comparing Italy's problem with its large...
  • Greece: Greenspan predicts exit from euro inevitable

    02/08/2015 10:08:39 AM PST · by tcrlaf · 8 replies
    BBC ^ | 2-8-2015 | BBC
    The former head of the US central bank, Alan Greenspan, has predicted that Greece will have to leave the eurozone. He told the BBC he could not see who would be willing to put up more loans to bolster Greece's struggling economy. Greece wants to re-negotiate its bailout, but Mr Greenspan said "I don't think it will be resolved without Greece leaving the eurozone". Earlier, UK Chancellor George Osborne said a Greek exit would cause "deep ructions" for Britain. Mr Greenspan, chairman of the Federal Reserve from 1987 to 2006, said: "I believe (Greece) will eventually leave. I don't think...
  • Greece turmoil sees bank shares fall 28%... as minister warns Germans over rise of Athens' neo-Nazis

    02/06/2015 6:36:09 AM PST · by C19fan · 10 replies
    UK Daily Mail ^ | February 5, 2015 | James Chapman and Laurie Hanna
    Shares in Greek banks crashed by more than a quarter yesterday as Athens urged Berlin not to go on humiliating a proud nation. Yanis Varoufakis, Greeces new finance minister, issued an extraordinary defiant statement invoking the rise of the Nazis when Germany was crippled by debts between the wars. After a tense meeting with his German counterpart in Berlin, Wolfgang Schaeuble, he declared: We didnt even agree to disagree.
  • 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...
  • 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
  • The World's Next Mortgage Crisis? (Europe)

    01/31/2015 5:03:40 PM PST · by Lorianne · 5 replies
    The Atlantic ^ | 29 January 2015 | David Frum
    My breakfast companion looked gloomy. Hed flown into Washington from Vienna the day before. When he deplaned, he found a shocking email waiting for him: a demand from his banker for immediate payment of 12,000. Although a resident of Austria, he had taken a home mortgage in Swiss francs, which carried a lower interest rate than mortgages in euros. But 48 hours before he had arrived in the United States, the Swiss franc had surged by 20 percent against the euro. That currency appreciation had wiped out his equity in the house. His frightened banker wanted a new infusion of...
  • Eurozone deflation hits 0.6%

    01/30/2015 6:32:21 AM PST · by Olog-hai · 13 replies
    European Voice ^ | 01/30/2015 11:42 CET | Dave Keating
    The eurozone experienced negative inflation for the second month in a row, according to a flash estimate published today (30 January) by Eurostat, the European Union’s statistical office. Inflation is expected to be at −0.6%, with consumer prices falling further than economists had forecast. The fall represents the biggest decline in prices in the history of the euro. […] The drop was driven by the fall in energy prices (−8.9%, compared with −6.3% in December). […] The deflationary spiral comes as Mario Draghi, the president of the European Central Bank (ECB), is trying to tackle deflation with a policy of...
  • SPANISH RADICAL LEFT PARTY GETS BOOST WITH HUGE MADRID RALLY

    01/31/2015 9:10:31 AM PST · by C19fan · 15 replies
    AP ^ | January 31, 2015 | Harold Heckle and Jorge Sainz
    Hundreds of thousands of people marched through Madrid on Saturday in a show of strength by a fledgling radical leftist party, which hopes to emulate the success of Greece's Syriza party in the Spanish general election later this year. Podemos supporters from across Spain converged around the Cibeles fountain Saturday before packing the avenue leading to Puerta del Sol square in what was the party's largest rally to date.