This tag is associated with 31 posts

Euro Bankers Kick Syriza In The Face – The Latest Assault On Greek Democracy – OpEd

On Wednesday the European Central Bank (ECB) announced that it would no longer accept Greek government bonds and government-guaranteed debt as collateral. By Mark Weisbrot Although Greece would still be eligible for other, emergency lending from the Central Bank, the immediate effect of the announcement was to raise Greek borrowing costs and squeeze its banks, and to … Continue reading

Gold On The Rise As Greece Concerns Rattle European Markets

Gold rose on Monday, retaking its gains after a dramatic slide on Friday, February 6. By Sputnik News Gold prices rose on Monday, February 9 recovering from an almost three-week slide, triggered by both shrinking European share indexes and growing concerns regarding the Greek economy. Spot gold rose by 0.4 percent reaching $1,238.46 per ounce after it slid to $1,228.25 … Continue reading

A Day Of Reckoning For The Euro Has Arrived – 26 TRILLION In Currency Derivatives At Risk – OpEd

By Michael Snyder This is the month when the future of the eurozone will be decided.  This week, Greek leaders will meet with European officials to discuss what comes next for Greece.  The new prime minister of Greece, Alexis Tsipras, has already stated that he will not accept an extension of the current bailout.  Officials … Continue reading

Greek PM Says Troika Bailout Failed, Will Not Ask For Extension

Greece’s leftist PM, Alexis Tsipras, has announced that the EU and IMF bailout of the country’s debt has failed, and that Athens doesn’t plan to ask for an extension. “The bailout failed,” Tsipras said in his first major speech to the Greek parliament as the country’s new prime minister on Sunday. “The new government is … Continue reading

Greece ETF Derailed By S&P Downgrade

By Tom Lydon What started as a wild week for the Global X FTSE Greece 20 ETF (NYSEArca: GREK) will end that way as the lone Greece ETF is tumbling by 3.7% after Standard & Poor’s pared its rating on the country’s sovereign debt to B- from B. The ratings agency is keeping the long- and … Continue reading

It Is About To Get Ugly: Oil Is Crashing And So Is Greece – OpEd

By Michael Snyder The price of oil collapsed by more than 8 percent on Wednesday, and a decision by the European Central Bank has Greece at the precipice of a complete and total financial meltdown.  What a difference 24 hours can make.  On Tuesday, things really seemed like they were actually starting to get better.  … Continue reading

A Few Words On Greece

By Mark Mobius Greece’s ongoing debate about the best way forward has now played out at the ballot box, although many uncertainties remain. On January 25, Syriza, an extreme left-wing party led by Alexis Tsipras, won the biggest share of the vote in Greece’s elections, and it now has 149 seats in parliament, leaving it … Continue reading

Greece Won’t Cooperate With ‘Troika,’ Rejects Aid Extension

The new left-wing Greek government has said that it will not cooperate with the ‘troika’ of international lenders, and does not plan to seek an extension for its aid package which is set to expire at the end of February. Without the aid, Greek banks could face being shut off from European Central Bank funding. … Continue reading

Greece, The US And The Neo-Liberal Coup – We Are All Greeks Now – OpEd

By Rob Urie Since the onset of economic calamity in the West beginning around 2007 ‘official’ response has been framed as modest successes with a few policy errors while the reality is of remote elites and their agents enacting punitive policies under the guise of material economic constraints. In this context the election of Alexis … Continue reading

Merkel Says There Should Be No Debt Reduction For Greece

German Chancellor Angela Merkel has said there should be no debt relief for Athens, a day after Greece’s new finance minister announced he would no longer cooperate with auditors from the so-called troika of creditors. At a strained press conference in Athens with Eurozone chief Jeroen Dijsselbloem on January 30, Yanis Varoufakis said Greece would … Continue reading

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