Dimitris Vayanos, head of the financial department at the London School of Economics, thinks an agreement on Greece's debt is unlikely in the short term. The Greek government needs to make significant concessions to creditors to reach the deal, he added.
Greece had to empty out an emergency bank account in order to pay its last IMF debt repayment. Now there really is no money left, but millions more euros have to be paid within weeks.
On Monday we got still more bad news for Greece. Around one-third of Angela Merkel’s Christian Democratic bloc opposes further aid for Athens meaning the Chancellor faces an uphill battle in convincing German lawmakers to keep Greece on life support. Show More Summary
Firms from Cyprus, Greece, and Hungary - the leading critics of EU sanctions - will be first in line to restart food exports if relations improve, a senior Russian official said on Tuesday.
Clinton aides sometimes blocked release of documents requested under public-records law (WSJ) House Benghazi panel subpoenas former Clinton White House aide (Reuters) Cash Crunch, for Many, Is a Monthly Woe (WSJ) Doubts over Greece add...Show More Summary
The only remarkable macroeconomic news overnight was out of Japan where we got the Q1 GDP print of 2.4% coming in well above consensus of 1.6%, and higher than the 1.1% in Q4. Did it not snow in Japan this winter? Does Japan alreadyShow More Summary
Merkel puts Greece on notice; Icahn could make $5 billion on Apple; St. Louis Fed hacked; Pornography being thrown on CT lawns; and more.
Here is what you need to know. Greece says it will miss its next IMF payment without a new bailout. Reuters reports Parliamentary speaker and Syriza politician Nikos Filis announced on TV, "If there is no deal by then [June 5] that will...Show More Summary
BRUSSELS (Reuters) - Europe's inland and coastal waters have become cleaner and nations such as heavily-indebted Greece and Cyprus boast some of the most pristine bathing spots, according to this year's EU report on water quality, published on Wednesday.
It looks like the Greek government will miss its next big payment to the International Monetary Fund (IMF) without a bailout deal — a move that would push Greece into technical default. Greece is due to make a €305 million ($339.07 million,...Show More Summary
Greece won’t be able to make a payment to the IMF due on June 5 without a deal with its international lenders, according to a lawmaker. ||| Athens - Greece will not be able to make a payment to the International Monetary Fund that falls...Show More Summary
It is more than two Millennia since Greece was the pinnacle of Western Civilisation. Today, it is berated as a backward, corrupt and unloved appendage to Europe—its appendix, so to speak. But Greece was once the brain and soul of Europe, and its legacy is still alive today. Rome was [...]
IMF boss Christine Lagarde has expressed hope for a resolution in negotiations with Athens. ||| London - The head of the International Monetary Fund, Christine Lagarde, became the latest participant in the gruelling Greek economic stand-off to sound an optimistic note on Tuesday about the prospects of a resolution. Show More Summary
Submitted by Michael Snyder via The Economic Collapse blog, Do you remember what happened when Cyprus decided to defy the EU? In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts. Show More Summary
Jet Airways Newark EWR service to Brussels has been pulling up some low fares lately to places in Europe like last week’s Jet Airways-Brussels Newark to Athens, Greece $749 September departures. This ticket is a Jet Airways segment combined...Show More Summary
If Greece's creditors maintain their hardline stance, the Greek Prime Minister will have to choose between his party’s legitimacy and the country’s economic stability.
Greece and its creditors haven't moved beyond a stalemate. After another round of negotiations Tuesday between Greece and the troika (the ECB, the European Commission, and the IMF). Greece presented a new revised budget, and its creditors said thanks but no thanks. Show More Summary
Bloomberg: Greece, Creditors Said to Disagree on Proposals For Sales Tax. Greece’s proposed tax overhaul isn’t passing muster with the nation’s creditors because it wouldn’t do enough to help the country’s budget, people familiar with the matter said. Show More Summary
The Greek economy is losing 22.3 million euro ($24.8 million) a day in its gross domestic product (GDP), the Hellenic Confederation of Commerce and Enterprises (ESEE) survey revealed.
This post was co-authored with Kermit Schoenholtz, also an authorized HuffPo blogger, whose name should be added to the byline The ongoing difficulties in Greece - combined with the ECB's dramatic actions to ward off deflation - areShow More Summary