Yanis Varoufakis, the finance minister, sought to silence such talk over the weekend, telling Associated Press that a default to the IMF was out of the question, even if a halt in payments to the EU institutions remains a serious threat. Show More Summary
So the problem is not that austerity was tried and failed in Greece. It is that, despite unprecedented international generosity, fiscal policy was completely out of control and needed major adjustments. Insufficient spending was never an issue. From 1998 to 2007, Greece’s annual per capita GDP growth averaged 3.8%, the second fastest in Western Europe, […]
This post originally appeared in Business Insider. Yanis Varoufakis is one of the most important men in Europe right now. He's Greece's new finance minister, and he is trying to secure a new bailout deal for the country. But Varoufakis hasn't always been a politician. Show More Summary
By Alastair Macdonald BRUSSELS (Reuters) - The European Bank for Reconstruction and Development will launch a five-year program of loans and investments in Greece that EU governments hope can foster enterprise and growth to help revive an economy hobbled by public-sector debt. Show More Summary
What is the significance of Cyrprus' military basing agreement with Russia for Russia’s naval and air forces in the Mediterranean?
Russian Deputy Foreign Minister Alexei Meshkov said that restrictive measures on imports of agricultural goods in response to European sanctions against Russia should be the same for all European Union members without exceptions.
Ambrose Evans-Pritchard has a new article on Greece's scramble to find the funds to meet it March IMF payments, which are €1.5b in total, with €300 due on Friday. Note that IMF payment dates aren't as hard and fast as credit card due...Show More Summary
James Petras was Director of the Center for Mediterranean Studies in Athens (1981-1984) and adviser to Prime Minister Andreas Papandreou (1981-84). Here he analyzes the Greek crisis and its issues within the European Union.
Electoral results and the geographical allocation of public investment in Greece have been intimately related. This column describes how incumbent Greek governments between 1975 and 2009 tended to reward those constituencies returning them to office. Show More Summary
Philippe Legrain, a former adviser to the European Commission president, told Arte that the IMF managing director at the time, Dominique Strauss-Kahn, overrode objections from IMF staff so that Greece could pay the money it owed to French...Show More Summary
Tsipras and Varoufakis Successfully End Failed Austerity Program Dictated by Troika, Launch Class-Based Campaign Against Wealthy Tax Evaders, Oligarchs, and Grafters; Merkel and Schäuble Rebuffed; In New York, Podemos Honcho Pablo Iglesias...Show More Summary
Greek short-term default risk jumped over 300bps today putting the odds of a restructuring at 50-50 within the next year as the warnings we issued last week with regard Greece's imminent default on its IMF loan loom. Seeking to reassure...Show More Summary
Submitted by Daniel Stelter via The Globalist blog, For all the attention given to Greece, is Portugal really that much better off? Even a brief glance at the facts suffices. Portugal is no less bankrupt than Greece. The country’s government debt, at 124% of GDP, might be lower than in Greece. Show More Summary
Now that Germany has agreed to an extension, allegedly with no more money on the table, Spain confirms what we all knew would happen, Third Greek Bailout Under Discussion. Euro zone countries are discussing a third bailout for Greece...Show More Summary
In this open letter, published by the German daily Handelsblatt, January 13, 2015, twelve days before the parliamentary elections that carried him to power, the leader of the Greek left explains his views on the debt crisis: the problem is the doctrine of the troika that pushes both the EU and Greece to the disaster.
Moscow is looking for ways that may allow Hungarian and Greek companies to enter the Russian market.
By Sarah Morris and Lefteris Papadimas MADRID/ATHENS (Reuters) - Euro zone countries are discussing a third bailout for Greece worth 30 billion to 50 billion euros, Spain's economy minister said on Monday, as Athens sought to quell fears it might run out of money before the end of March. Show More Summary
A few days ago, in advance of the new Greek parliament throwing in the towel in its negotiations with the Eurogroup and conceding to virtually all demands, we showed what, in a worst case scenario, the new Greek currency would look like using data from a previous News247 report. Show More Summary
Spanish minister says EU, Greece negotiating a third bailout, worth as much as €50bn.
Freunde von Freunden send over a set of exclusive shots from their latest visit. Athens-based product designers, Thanos Karampatsos & Christina Kotsilelou, better known as “Greece is for Lovers,” borrow their title from a tourist… The post Exclusive | FvF Visit Athens Design Studio “Greece is for Lovers” appeared first on Selectism.