Keyword: euro

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

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

    07/18/2016 12:29:30 PM PDT · by Olog-hai · 16 replies
    TheLocal.de ^ | 18 Jul 2016 16:09 GMT+02:00 | [DPA/The Local (With Reporting by Verity Middleton)]
    Fourteen years after the introduction of the Euro in cash, Germans are still holding onto their Deutschmarks (DM), mainly for the sentimental value attached to them. The DM, which was introduced in West Germany in 1948 under Allied rule and adopted in East Germany in 1990, was replaced by the Euro in 2002. On the 31st of December 2001, DM banknotes to the value of €76.57 billion were in circulation. Since then, “more than 95% of DM banknotes in circulation have been exchanged” for Euros, Dorit Feldbrügge from the Bundesbank (German Central Bank) told The Local. But that means that...
  • UPDATE 2-Germany becomes second G7 nation to issue 10-year bond with negative yield

    07/14/2016 5:54:46 AM PDT · by C19fan · 8 replies
    Reuters ^ | July 13, 2016 | Dhara Ranasinghe
    Germany on Wednesday became the second G7 nation after Japan to issue 10-year bonds with a negative yield, highlighting a willingness among investors to hold top-rated debt even as yields across the world collapse. Germany's 10-year government bond yield turned negative for the first time at an auction, fetching the lowest average yield on record for such paper at -0.05 percent.
  • Italian Gov’t Collapse More Than Just a Possibility

    07/07/2016 4:43:21 AM PDT · by Former Proud Canadian · 26 replies
    Mishtalk ^ | July 6, 2016 | Mike Shedlock
    Four new polls show comedian Beppe Grillo’s Five Star Movement (M5S) ahead of prime minister Matteo Renzi’s Democratic Party (PD) were an election held today. The next election will be no later than May 23, 2018. Renzi promised to step down if he fails a constitutional reform referendum later this year. The reform referendum will likely be held no later than this October. “The populist Five Star Movement has emerged as Italy’s leading political party, overtaking Matteo Renzi’s ruling Democratic party (PD) in four separate opinion polls that have exposed the growing vulnerability of the country’s centre-left prime minister. The...
  • Now Juncker to force all remaining EU countries to adopt the euro after Brexit paves [tr]

    06/28/2016 1:48:01 PM PDT · by C19fan · 27 replies
    UK Daily Mail ^ | June 28, 2016 | Staff
    The eight EU members who do not currently use the euro may be forced to adopt it in a bid to speed up monetary union in the wake of Brexit. The Daily Express reports that Denmark, Sweden, Bulgaria, Croatia, Czech Republic, Hungary, Poland and Romania will be given an ultimatum by the President of the European Commission, Jean-Claude Juncker . The German newspaper Frankfurter Allgemeine Zeitung claimed there were plans afoot to accelerate the 'completion' of the monetary union. Brexit campaigners claim the plans show that the Leave vote in last week's referendum proved a 'great escape' for Britain.
  • 'Leave as soon as possible', EU chiefs tell Britain after Brexit vote

    06/24/2016 7:25:15 AM PDT · by Tolerance Sucks Rocks · 70 replies
    The Times of India ^ | June 24, 2016 | AFP
    BRUSSELS: EU chiefs on Friday told Britain to start negotiations to quit the bloc "as soon as possible", after outgoing Prime Minister David Cameron said he would leave the negotiations to his successor. "We now expect the United Kingdom government to give effect to this decision of the British people as soon as possible, however painful that process may be," said a joint statement after Britons voted for a Brexit . "Any delay would unnecessarily prolong uncertainty." The statement was issued by EU president Donald Tusk, European Commission chief Jean-Claude Juncker, EU Parliament leader Martin Schulz and Dutch premier Mark...
  • EU Referendum - The Result - Live (Brexit Referendum Live Thread)

    06/23/2016 2:25:24 PM PDT · by goldstategop · 2,252 replies
    BBC News ^ | 06/23/2016 | BBC News
    Live coverage of the result of the EU referendum. This is a live BBC stream starting at 21:55 BST.
  • Award-Winning Metals Market Report: June 2016 - Week 3 Edition

    06/20/2016 5:58:53 AM PDT · by Kaslin · 6 replies
    Townhall.com ^ | June 20, 2016 | Mike Fuljenz
    On June 23, the voters of Great Britain will decide whether or not to leave the European Union (EU), which Britain joined in the early 1970s. With a week until the decision is due, the forces of “Leave the EU” have increased sharply over the “Remain” vote. This has caused a collapse in the British pound in anticipation of the vote. This has also caused many Britons to exchange their weak pound sterling for gold. One leading British gold dealer said that the U.K. is outstripping all other regions for demand growth this month, up 59% in June. Their head...
  • SUN SAYS We urge our readers to beLEAVE in Britain and vote to quit the EU on June 23

    06/13/2016 3:47:48 PM PDT · by monkapotamus · 19 replies
    The Sun ^ | June 13, 2016 | The Sun
    WE are about to make the biggest ­political decision of our lives. The Sun urges everyone to vote LEAVE. We must set ourselves free from dictatorial Brussels. Throughout our 43-year membership of the European Union it has proved increasingly greedy, wasteful, bullying and breathtakingly incompetent in a crisis. Next Thursday, at the ballot box, we can correct this huge and ­historic mistake. It is our last chance. Because, be in no doubt, our future looks far bleaker if we stay in Outside the EU we can become richer, safer and free at long last to forge our own destiny —...
  • BBC Warns Football Fans Dressing as Crusaders ‘Offensive’ to Muslims

    06/04/2016 5:15:33 PM PDT · by Beave Meister · 92 replies
    Breitbart ^ | 6/4/2016 | DONNA RACHEL EDMUNDS
    The BBC has warned English football fans not to dress as crusaders when attending the Euro 2016 tournament this summer as they might cause offence to Muslims. The advice comes via their ‘iWonder’ website, aimed at a younger audience, which asks such pressing questions as “Was Shakespeare a feminist?” and “How green is my commute?” Posing the question: “Is it wrong to dress as a crusader for an England match?” the answer appears to be a resounding “yes”. “Crusaders were the perpetrators of violent attacks across Europe and the Middle East on Muslims, Jews and pagans,” the website intones, suggesting...
  • 500 euro bill is being killed off

    05/04/2016 11:25:53 AM PDT · by PAR35 · 30 replies
    CNN ^ | May 4, 2016 | Alanna Petroff
    The European Central Bank announced Wednesday that it will phase out the 500 euro banknote because of concerns that this banknote "could facilitate illicit activities" ... Europe's top law enforcement officials maintain that the 500 euro banknote (worth about $576) makes it easy for criminals to launder money since it's so easy to move around undetected. In a report last year, Europol said cash was still the "instrument of choice" for terrorists and 500 euro notes were in high demand, though they're not popular for everyday transactions. ...
  • Exclusive: Iran wants euro payment for new and outstanding oil sales - source

    02/07/2016 9:36:26 AM PST · by BenLurkin · 22 replies
    rueters ^ | 02/05/2016 | Nidhi Verma
    Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil. "In our invoices we mention a clause that buyers of our oil...
  • Germany Unveils "Cash Controls" Push: Ban Transactions Over €5,000, €500 Euro Note (war on cash)

    02/03/2016 6:39:57 AM PST · by ak267 · 35 replies
    zero hedge ^ | 2-3-16 | Tyler Durden
    It was just two days ago that Bloomberg implored officials to “bring on a cashless future” in an Op-Ed that calls notes and coins “dirty, dangerous, unwieldy, and expensive.” You probably never thought of your cash that way, but increasingly, authorities and the powers that be seem determined to lay the groundwork for the abolition of what Bloomberg calls “antiquated” physical money. We’ve documented the cash ban calls on a number of occasions including, most recently, those that emanated from DNB, Norway’s largest bank where executive Trond Bentestuen said that although “there is approximately 50 billion kroner in circulation, the...
  • ECB Disappoints Markets, Makes Fed Rate Hike Easier [EURO SOARS, STOCKS PLUNGE]

    12/04/2015 3:29:59 AM PST · by expat_panama · 12 replies
    Investors Business Daily ^ | 12/03/2015 | JED GRAHAM
    The European Central Bank opened its money tap only slightly Thursday after raising market expectations of a more forceful move to jolt the economy out of its brush with deflation. Instead of expanding its asset purchases beyond 60 billion euros ($66 billion) per month, the ECB pushed back the purchase program's earliest end date by six months to March 2017. It left its key lending rate unchanged but dropped the interest rate paid... [snip] The dollar's strength against global currencies has helped to stall the U.S. manufacturing recovery, with the latest reading on national factory activity from the Institute for...
  • Talking to Yanis Varofakis, The Greek Bailout problems (in English)

    08/14/2015 3:43:35 PM PDT · by spokeshave · 3 replies
    YouTube ^ | Mar 16, 2015 | Harald Schumann
    Discussion on the Greek bailout and implications for the EEC
  • A Truck Stop in Europe – Why the Euro and European Union Will Fail

    07/31/2015 5:45:30 PM PDT · by NRx · 69 replies
    Crawling Road ^ | 07-28-2015 | Craig Rowland
    Everything I needed to know about why the European Union would fail I learned at a truck stop. It was in 2001 when a bus tour I was on stopped at a truck stop on the German Autobahn. For the American readers, you must understand that European truck stops are much different from what you get in the states. In Europe, the facilities are clean and the food is actually decent. They don’t have the same hot dogs sitting in the cooker for five days. And no, you can’t buy six gallon soda cups. As it were, in this truck...
  • 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 Germany’s 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. Here’s 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 doesn’t 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 I’m 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. It’s...
  • 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 EU’s demand for concessions, so…this should be fun.Hard to believe isn’t 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 we’ve been implementing it incrementally ever since:  Detroit’s 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 — Greece’s combative finance minister, Yanis Varoufakis, who took a strong stand in demanding that creditors write off some of his country’s 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 doesn’t 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 anybody’s guess, but Greece could see the value of its bonds plummet, putting its banks in crisis,...
  • Greece: At Least It’s Not Detroit

    06/29/2015 5:45:26 AM PDT · by NOBO2012 · 7 replies
    Michelle Obama's Mirror ^ | 6-29-2015 | MOTUS
    We’re going to have to cut those spanakopita pieces smaller!Okay, I’ve decided to back The Donald for president. Oh sure, he’s 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, it’s finally running out of other people’s 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 creditors—the European Union, European Central Bank and International Monetary Fund—should 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: Greece’s 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
    ATHENS—Lines formed at ATMs in Greece’s capital city on Saturday as uncertainty spread about the nation’s 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 wasn’t clear how heavy the day’s 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 IMF’s concern is that Greece’s 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 IMF’s Christine Lagarde was caught badly off guard. Staff officials in Washington were stunned. .... The IMF’s Original Sin in Greece was to allow the urbane Parisian Dominique Strauss-Kahn to hijack the institution to prop up Europe’s 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. Greece’s 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...