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Keyword: greece

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  • Athens On The Potomac - It Could Never Happen Here, Right?

    07/01/2015 2:58:16 PM PDT · by freddy005 · 6 replies
    With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it’s not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already. A quarter-century ago, Greek debt levels were roughly 75 percent of Greece’s economy — about equal to what the U.S. has now. As of 2014, Greek debt levels are about 177 percent of national GDP. Now, the country is considering defaulting on its loans and uncertainty...
  • How will the National Socialist Left’s excuse the failure of socialism in Greece?

    07/01/2015 2:37:24 PM PDT · by Voice of Reason1 · 36 replies
    It’s axiomatic that when a socialist regime hits the skids, the left will generally try to claim that such regime is ‘right wing’ somehow. Such claims can and will be completely irrational on their face, but for the national socialist Left it’s all about talking points and a simplistic ( but ‘superior’) mentality that favors headlines and shallow thought on the subject And before you complain that I dare use the word ‘national’ next to the word ‘socialist’ I would ask that you please explain in detail (with documentation) Just how in Hades’ the word national modifies the meaning of...
  • U.S. debt headed toward Greek levels [Psalms 9:17]

    07/01/2015 9:11:48 AM PDT · by Jan_Sobieski · 10 replies
    Washington Examiner ^ | 6/30/2015 | Jason Russell
    United States' projected debt over the next 25 years looks a lot like Greece's over the past 25. With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it's not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already. A quarter-century ago, Greek debt levels were roughly 75 percent of Greece's economy — about equal to what the U.S. has now. As of 2014, Greek debt...
  • How German media shaped the Greece crisis

    07/01/2015 10:05:33 AM PDT · by Olog-hai · 16 replies
    TheLocal.de ^ | 01 Jul 2015 12:50 GMT+02:00 | Tom Barfield
    “No more billions for the greedy Greeks” or “Merkel shoots down new proposals from Athens”: these are just a couple of the bold headlines Germans have digested with their morning coffee in recent months. In a country still massively reliant on traditional forms of media—newspapers, and above all television—for its news, these headlines matter. […] Political discussion on TV is dominated by talk shows such as Anne Will, Günther Jauch and Hart aber Fair (Hard but Fair), where although people outside the mainstream may be invited, “counter-opinions are generally squashed or have little chance of piercing through,” Mühl-Benninghaus pointed out....
  • Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt

    07/01/2015 7:45:42 AM PDT · by SeekAndFind · 8 replies
    Der Spiegel ^ | 02/08/2010 | By Beat Balzli
    Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit. Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received." Creative accounting took priority when it came to totting...
  • Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis

    07/01/2015 7:36:28 AM PDT · by Enlightened1 · 43 replies
    End of the Amercian Dream ^ | 06/30/15 | Michael Snyder
    Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece. On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“. And apparently Obama is not too concerned about the debt crisis in Puerto Rico either. In fact, the Obama administration has already completely ruled out any sort of federal bailout for the island. Barack Obama is assuring us that everything is going to be just fine and that we are not headed for another global financial crisis....
  • Steve Forbes Pens Open Letter to Greek Leaders; Greece Can Teach The World A Needed Lesson

    07/01/2015 6:29:09 AM PDT · by SeekAndFind · 14 replies
    The Pappas Post ^ | 03/05/2015 | BY GREGORY PAPPAS
    Former US Presidential candidate and publisher of Forbes Magazine, Steve Forbes, used the platform of his magazine to pen an open letter to the prime minister and finance minister of Greece, Alexis Tsipras and Yanis Varoufakis. The full text of his letter appears below. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Dear Prime Minister Tsipras and Finance Minister Varoufakis: You may have won a four-month reprieve of sorts from your creditors, but your situation is desperate, and everyone knows it, most particularly Europe’s paymasters, the Germans. As you just painfully learned, your ability to blackmail your creditors is a fraction of what it once was. Businesses,...
  • Greek debt crisis: In Athens, scavenging from bins has become a way to survive

    06/30/2015 5:49:22 PM PDT · by Kartographer · 49 replies
    UK The Telegraph ^ | 6/30/15 | Colin Freeman, and Alastair Good
    Piled high with rubbish congealing in the summer heat, municipal dustbin R21 on Athens' Sofokleous Street does not look or smell like a treasure trove. But for Greece's growing army of dustbin scavengers, its deposits of rubbish from nearby stores and grocery shops make it a regular point of call. "Sometimes I'll find scrap metal that I can sell, although if I see something that looks reasonably safe to eat, I'll take it," said Nikos Polonos, 55, as he sifted through R21's contents on Tuesday morning. "Other times you might find paper, cans, and bottles that you can get money...
  • Glastonbury comes to Greece: festival-like atmosphere at huge anti-bailout protest

    06/30/2015 4:51:20 PM PDT · by familyop · 11 replies
    The Telegraph ^ | 30 Jun 2015 | Colin Freeman
    Rally in downtown Athens has live music, speeches - and "solidarity from the people of Carlisle"...Just like an outdoor summer festival, there were huge crowds, live bands, and the occasional whiff of marijuana...Instead, with the music, food stalls and smattering of ageing hippies, the only thing that made it different from last weekend's Glastonbury festival was that the weather was better... However, as with Glastonbury, not everyone paid close attention to the headline acts. Some focused on the side-shows, such as stalls set up by Greece's myriad other radical groups, who think even Syriza represents a sell-out. The Greek Socialist...
  • Big Fat Greeks, and Weddings ... Mark Steyn

    06/30/2015 11:40:29 AM PDT · by Rummyfan · 13 replies
    Steyn Online ^ | 30 June 2015 | Mark Steyn
    <p>The same people who told us 30 years ago that "marriage is just a stupid piece of paper" now insist that it's a "human right."</p> <p>The same people who told us that "a flag is just a meaningless piece of material" now want certain flags banned and others raised — or else.</p>
  • The next Greece may be in the U.S.

    06/30/2015 10:35:36 AM PDT · by Mariner · 40 replies
    MarketWatch ^ | June 30th, 2015 | By Ellie Ismailidou
    When Chicago Public Schools announced on June 24 that it would borrow $1 billion to make a $600 million-plus pension payment due June 30 an eerie feeling spread across bond investors and taxpayers alike. It was the same feeling that gripped investors when Moody’s Investors Service downgraded Chicago’s credit rating to junk based almost entirely on the city’s pension problems. The fear was that elevated pension costs, in cities like Chicago, might push these public entities into insolvency, wiping out much of the holdings of municipal-bond investors. Once a sleepy corner of the municipal bond market — often not even...
  • It's Official: Greece defaults on IMF payment

    06/30/2015 7:24:07 PM PDT · by SeekAndFind · 55 replies
    The Star ^ | 06/30/2015 | Tanya Talaga
    Greece joins Somalia, Sudan and Zimbabwe on the latest to be in debt to the International Monetary Fund. As Athenians rallied underneath thunderclouds to show their support for keeping Greece in the eurozone of single currency nations, their broke government defaulted on a $2.2-billion payment to the International Monetary Fund. At midnight on Tuesday, Greece joined Sudan, Somalia and Zimbabwe as countries in arrears to the IMF. Also at midnight, the bailout assistance package that began in February 2012 formally expired, leaving Greece without access to any emergency finances. In Washington, the IMF acknowledged that Greece had failed to meet...
  • This hedge fund manager just lost millions on Greece (Clinton Son-in-Law LOL!!!)

    06/30/2015 5:08:18 PM PDT · by PJ-Comix · 41 replies
    Fortune ^ | June 29, 2015 | Stephen Gandel
    Talk about a horrible way to start the week. A number of hedge funds that were already bracing for losses on Greek debt also found out late Sunday night that they would likely have to swallow big losses on investments in Puerto Rico as well. [SNIP!] ...Another loser in Greece has been Marc Mezvinsky, the husband of former, and potentially future, first child Chelsea Clinton. Mezvinsky’s firm EagleVale, which has made bets in Greece, was down nearly 4% last year. A small fund the firm runs that is completely dedicated to investing in Greece was down 48%.
  • Opinion: ‘Spectacular rallies’ await investors who buy Greece now

    06/30/2015 4:43:34 PM PDT · by Oldeconomybuyer · 23 replies
    Market Watch ^ | June 30, 2015 | By Michael Brush
    After months of complacency, a little fear has crept back into the markets. Fear is good because one of the best ways to make money is to buy fear, says Lawrence McDonald, head of U.S. macro strategy at Societe Generale. A good way to buy fear is to go long on Greek stocks via the exchange traded fund Global X FTSE Greece. “Over the next week, there is a good chance we may see spectacular rallies, because this is by no means over,” says McDonald. McDonald sees Greek shares as more of a trading opportunity but, ultimately, he thinks Greece...
  • Despite Financial Woes, Greece’s Business Climate Has Improved

    06/30/2015 11:12:16 AM PDT · by Citizen Zed · 12 replies
    St Louis Fed ^ | 6-29-2015 | Ana Maria Santacreu
    Decisions made regarding Greece over the next few weeks will determine whether Greece will enter what Mario Draghi has called an “unchartered territory.” While Greece’s finances continue to receive considerable attention, the country has made several attempts at reform to varying degrees of success. One area in which Greece has made significant progress is improving its business climate. Since 2010, Greece’s reforms have included: - Reducing its government deficit by reducing its public sector (via laying off public employees and cutting government spending) and increasing taxes - Reforming the labor market - Reducing wages to make the country more competitive...
  • Greek PM proposes a union with San Juan: New nation to be called "Puerto Greco"

    06/30/2015 8:01:37 AM PDT · by ken5050 · 11 replies
    one man's opinion...
    In a surprising last minute effort to solve his country's overwhelming financial crisis, Greek PM Tsipris proposed that his nation merge with US protectorate Puerto Rico. Tsipris said this would immediately solve Greece's financial problems, as Obama will no doubt soon move to bail out Puerto Rico, and Greece would, as part of the new nation, be included.
  • Global markets slide on Greek crisis fears

    06/29/2015 4:26:42 AM PDT · by expat_panama · 24 replies
    CNBC ^ | Jun 29, 2015 | Kalyeena Makortoff
    The deepening Greek crisis hit global markets on Monday, as the country imposed capital controls ahead of a national referendum on creditors' bailout conditions. Uncertainty surrounding the country's economic future dragging equity markets lower. European markets were trading sharply lower, with the pan-European Stoxx 600 (^STOXX) falling around 2.4 percent in morning trade. Both Germany's DAX (^GDAXI) and France's CAC (Euronext Paris: .FCHI) fell nearly 3.5 percent. U.S. futures also indicated a lower open, with the Nasdaq (^NDX), S&P (^GSPC) and Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) all seen opening down over 1 percent. Greece's main stock...
  • Did green madness help create the Greek debt crisis?

    06/30/2015 7:39:20 AM PDT · by Brad from Tennessee · 14 replies
    Watts Up With That? ^ | June 30, 2015 | By Eric Worrall
    The unfolding Greek financial crisis is front page news. The repercussions – bank runs, unsustainable debts, deadlocked creditors – could easily lead to major consequences worldwide. However misconceived the Euro currency was, its downfall will be painful on a global scale. How much of Greece’s current economic problems were caused by the made Hellenic dash into renewable energy? The answer, unsurprisingly, is most likely quite a lot. Greece, like many small European economies, has placed a substantial focus on green energy, seeing it as a quick leg up into the big league – an easy way to attract generous funding...
  • Greece threatens top court action to block Grexit

    06/29/2015 6:34:55 PM PDT · by familyop · 18 replies
    The Telegraph ^ | 29 Jun 2015 | Ambrose Evans-Pritchard
    Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system. “The Greek government will make use of all our legal rights,” said the finance minister, Yanis Varoufakis. “We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,“ he told the Telegraph.
  • French Economy In "Dire Straits", "Worse Than Anyone Can Imagine", Leaked NSA Cable Reveals (2012)

    06/29/2015 5:19:28 PM PDT · by dynachrome · 27 replies
    zero hedge ^ | 6-29-15 | Zero Hedge
    French Finance Minister Says Economy in Dire Straits, Predicts Two Atrocious Years Ahead (TS//SI//NF) (TS//SI//NF) The French economic situation is worse than anyone can imagine and drastic measures will have to be taken in the next 2 years, according to Finance, Economy, and Trade Minister Pierre Moscovici. On 19 July, Moscovici, under pressure to reestablish a preretirement unemployment supplement known as the AER, warned that the situation is dire. Upon learning that there are no funds available for the AER, French Senator Martial Bourquin warned Moscovici that without the AER program the ruling Socialist Party will have a rough time...
  • Opinion: Europe’s war on Greek democracy

    06/29/2015 3:05:24 PM PDT · by Hojczyk · 15 replies
    Market Watch ^ | June 29,2015 | Joseph E. Stiglitz
    In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics. Of course, the economics behind the program that the “troika” (the European Commission, the European Central Bank, and the International Monetary Fund) foisted on Greece five years ago has been abysmal, resulting in a 25% decline in the country’s gross domestic product. I can think of no depression, ever, that has been so deliberate and had such catastrophic consequences: Greece’s rate of youth unemployment, for...
  • Leftist politics have doomed Greece to collapse

    06/29/2015 4:11:46 PM PDT · by Textide · 9 replies
    The Telegraph ^ | 29-June-2015 | Allister Heath
    It is always those in the middle -- and especially what Marxist intellectuals call the petit bourgeois, the aspiring, hard-working workers and savers -- who are hurt the hardest It was Adam Smith who put it best. “There is a great deal of ruin in a nation”, he wrote in reply to an over-excited young man who thought that Great Britain was facing devastation after a setback during the US war of independence. Smith was right about the specifics as well as the general point, of course: America was thankfully soon to win its independence, and both Britain and the...
  • Bailouts, Bail-ins, and the Greeks’ Trojan Horse

    06/29/2015 12:59:47 PM PDT · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 06/29/15 | Dr. Ileana Johnson Paugh
    The Greek market may be shocked and defaults of various debt instruments may emerge. While Americans are eagerly signing petitions to ban the American flag on the heels of Louis Farrakhan’s Nation of Islam leader call to ban the Stars and Stripes “due to its links to racism” or are busily banning anything attached in any way to the Confederate flag and our history, the United States and the world are in serious financial trouble driven by out-of-control debt, particularly the most visible nation of all, Greece. Healthcare for illegals, gay marriage, and other non-stop crises occupy American overwhelmed minds,...
  • Market Tanking - Any Correlation With the Judgement We Can Now Expect? [Vanity]

    06/29/2015 11:35:44 AM PDT · by fwdude · 53 replies
    self-published | 06/29/15 | fwdude
    At last check the market (DJI) was down 254 points after a steady decline throughout the day. US Treasury yields down 14 basis points. I know, the Greek crisis. But Who orchestrates these events beyond our understanding?
  • Under weight of massive welfare state, Greece about to default on IMF loans

    06/29/2015 12:03:00 PM PDT · by Sean_Anthony · 39 replies
    Canada Free Press ^ | 06/29/15 | Dan Calabrese
    And probably leave the Eurozone too. If you want to know what happens when a nation absolutely refuses to reform its insane spending - even when it finds itself at the brink of fiscal collapse - I give you Greece. Not that you want it. The International Monetary Fund doesn’t. The Eurozone doesn’t. The Greek banking system is now shut down, and we’re a day away from Greece defaulting on its IMF bailout loans. When the Europeans presented Greece with an ultimatum - reform the spending now or be cut off - the most the Greek politicians were willing to...
  • 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,...
  • If you like the Greek debt crisis, you'll love the Puerto Rico meltdown

    06/29/2015 6:43:57 AM PDT · by SeekAndFind · 32 replies
    American Thinker ^ | 06/29/2015 | Rick Moran
    The governor of Puerto Rico told the New York Times that the island cannot pay back it's $72 billion debt and will seek permission from its creditors to defer payments. The news precedes an address by Governor Alejandro Garcia to the Puerto Rican legislature, where he will unveil a budget that cuts about $670 million from a $9.8 billion budget, while setting aside another $1.5 billion to pay the debt. Fox News: Gov. Alejandro Garcia Padilla's spokesman, Jesus Manuel Ortiz, confirmed that the island's government is seeking to defer payments while negotiating with creditors. He confirmed comments by Garcia that appeared...
  • 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,...
  • Dow futures down 226 (Greece shuts down the banks)

    06/28/2015 8:24:06 PM PDT · by Signalman · 30 replies
    cnnmoney ^ | 6/28/2015 | cnnmoney
    Greece shuts banks in bid to prevent collapse.
  • Greek Banks And Stock Exchange 'To Stay Shut'

    06/28/2015 7:23:13 PM PDT · by Enlightened1 · 33 replies
    Sky News ^ | 06/28/15
    Banks and the stock exchange will remain closed today after Greek citizens queued all weekend to withdraw savings. Banks in Greece and the country's stock exchange will be shut all week in a sign of the deepening financial crisis. The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms. Under the controls, there will be a daily €60 limit on withdrawals from cash machines, which will reopen on Tuesday. Speaking in a televised address, Prime Minister Alexis Tsipras urged calm and insisted bank deposits were safe. He blamed European partners...
  • 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>
  • Meltdown. Greek banks: Branches may stay shut until July 7; plan for capital controls

    06/28/2015 5:10:51 PM PDT · by catnipman · 20 replies
    Daily Mail ^ | 6/28/2015 | Jason Groves and Louise Eccles
    "The cashpoint at the Greek parliament is reported to have been topped up three times during an emergency session on Saturday night as ministers and MPs scrambled to get their own money out"
  • Greece crisis deepens as banks close for a week after weekend that shook euro

    06/28/2015 1:38:13 PM PDT · by bob_denard · 11 replies
    The Guardian ^ | Sunday 28 June 2015 21.17 BST | Ian Traynor in Brussels and John Hooper in Athens
    Greece’s governments says banks will stay closed until after snap referendum, while stock exchange shut on Monday and cash machine withdrawals limited Greeks will on Monday morning find their savings blocked and their banks closed for a week following a fateful weekend that has shaken Europe’s single currency. The Greek government decided on Sunday night it had no option but to close the nation’s banks on Monday after the European Central Bank (ECB) raised the stakes by freezing the liquidity lifeline that has kept Greek banks afloat during a six-month run on deposits. The Athens Stock Exchange will not reopen...
  • Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

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

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

    06/28/2015 10:10:25 AM PDT · by tcrlaf · 144 replies
    BBC News ^ | 6-28-2015 | BBC News
    Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens This breaking news story is being updated and more details will be published shortly
  • Greek Prime Minister Tsipras Screws The Pooch

    06/28/2015 6:08:54 AM PDT · by Kaslin · 54 replies
    Townhall.com, Reuters PHOTO ^ | June 28, 2015 | Mark Nuckols
    <p>Greek Prime Minister Alexis Tsipras and his party Syriza have just screwed the pooch, and royally so. Tsipras has just done something so colossally idiotic and childish that perhaps Greece deserves its impending economic collapse for having elected someone so incredibly stupid. Greeks have suffered six years of chronic recession and endless rounds of debt negotiations, but this will all seem like a walk in the park compared to the poverty and civil chaos about the engulf their country.</p>
  • Greece debt crisis: ECB 'to end' bank emergency lending

    06/28/2015 4:54:27 AM PDT · by GunningForTheBuddha · 4 replies
    BBC News ^ | 6/28/2015
    The European Central Bank is expected to end emergency lending to Greece's banks on Sunday, the BBC understands.Well-placed sources told BBC economics editor Robert Peston a decision to end the Emergency Liquidity Assistance (ELA) would be made by the ECB's governing council later on Sunday.Greek banks depend on ELA.Cutting the lifeline could push Greece out of the euro. Some analysts have tweeted that the ECB is likely to cap, but not end, the ELA.
  • Referendum Vote Underway In Greek Parliament - Live Feed

    06/27/2015 4:53:17 PM PDT · by dynachrome · 37 replies
    zero hedge ^ | 6-27-15 | Zero Hedge
    The Greek parliament is in session on Saturday evening as lawmakers debate the country's EMU fate and vote on the referendum called by PM Alexis Tsipras just after midnight this morning. TSIPRAS SAYS REFERENDUM WILL BE MOMENT OF TRUTH FOR CREDITORS TSIPRAS: GREEK PROPOSAL FOR SUSTAINABLE DEAL STILL ON TABLE TSIPRAS SAYS REFERENDUM NOT MEANT AS RUPTURE WITH EUROPE TSIPRAS SAYS GAME OF BAILOUT HAS COME TO AN END GREEK PARLIAMENT TO RESUME IN 10 MIN AHEAD OF REFERENDUM VOTE SAMARAS SAYS REFERENDUM DRAGS COUNTRY OUT OF EUROPE SAMARAS SAYS CREDITORS DISCUSSING PLAN B FOR GREECE STATE MINISTER PAPPAS SAYS...
  • Eurozone ministers reject Greek bailout extension: sources

    06/27/2015 8:25:22 AM PDT · by Enlightened1 · 13 replies
    urozone finance ministers refused Saturday to extend Greece's bailout programme past June 30 after Athens called a referendum on reform proposals by creditors, sources told AFP. The ministers "rejected an extension of the aid programme" at a meeting in Brussels, hours after Greek Prime Minister Alexis Tsipras called the plebiscite on the bailout proposal for July 5.
  • 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...
  • Greece to hold referendum on bailout

    06/26/2015 3:12:08 PM PDT · by tcrlaf · 14 replies
    BBC ^ | 6-26-2015 | BBC
    Greece will hold referendum on controversial bailout deal with foreign creditors, PM Alexis Tsipras says This breaking news story is being updated and more details will be published shortly.
  • Greece's Tsipras summons cabinet as debt deadline nears (Euro zone partners ratchet things up)

    06/26/2015 12:40:01 PM PDT · by NormsRevenge · 2 replies
    Reuters on Yahoo ^ | 6/26/15 | Renee Maltezou and Jan Strupczewski
    BRUSSELS/ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras summoned an urgent meeting of his cabinet on Friday after euro zone partners warned Athens it had until the weekend to accept a cash-for-reform deal or plunge towards default. Despite angry rhetoric and accusations of "blackmail", negotiations were continuing in Brussels to find a last-ditch compromise to keep Greece in the euro zone to avoid a political train-wreck, economic chaos and financial market disruption. ... He said there was no foundation for the increasing speculation in Athens that Tsipras could call snap elections if a deal cannot be reached. ... In a...
  • EU leader urges crackdown on ‘illegal migration’

    06/25/2015 9:39:35 AM PDT · by Olog-hai · 8 replies
    Associated Press ^ | Jun 25, 2015 12:31 PM EDT | Lorne Cook
    The European Union’s president called Thursday for a crackdown on migrants who are only looking for jobs as opposed to those fleeing war or persecution, as migrants keep arriving on Europe’s shores in ever-greater numbers. […] “We need to contain illegal migration and this should be our priority,” EU President Donald Tusk told reporters at a summit of the bloc’s leaders in Brussels. “All those who are not legitimate asylum-seekers will have no guarantee that they will stay in Europe.” …
  • Why Greece Won't Pay

    06/25/2015 5:24:18 AM PDT · by Kaslin · 37 replies
    Townhall.com ^ | June 25, 2015 | Victor Davis Hanson
    For almost six years Greece has been on the cusp of financial disaster. Its Northern European and international creditors have extended loans, suspended interest payments and forgiven some debt. But European lenders have also stubbornly kept to the old-fashioned principle that debtors freely borrowed their money from lenders, and therefore most borrowed money must be paid back, regardless of the current financial status of the debtors. Greece counters that after all sorts of austerity budgets, it simply can no longer inflict the necessary pain on its relatively tiny population to squeeze out enough cash to pay its well-off creditors. In...
  • Greek crisis: deal unravels both sides reject reform measures

    06/24/2015 6:12:00 AM PDT · by Enlightened1 · 8 replies
    The Telegraph ^ | 06/24/15
    Grexident looming? Tsipras hits back at creditors who reject plan ahead of third Eurogroup meeting in less than a week
  • 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.
  • Running Out Of Cash, Greece Returns To Coal

    06/23/2015 9:36:23 AM PDT · by george76 · 12 replies
    Canada Free Press ^ | June 22, 2015 | Dr. Benny Peiser
    Greece’s energy minister Lafazanis said that [the coal-fired power plant] Ptolemaida V is required since renewable power plants are intermittent and endanger the country’s energy security. In May, Lafazanis sent a letter to the European Commission asking permission to operate the Ptolemaida III, a separate coal plant that is shut down due to its very old technology that pollutes the environment enormously. One of Lafazanis arguments was “the economic crisis in Greece, which makes the need for keeping the cost of energy for households’ heating as low as possible.”—.. Poland’s leading opposition party is seeking to negotiate exemptions from the...