This tag is associated with 19 posts

85% Grexit Odds With ‘Massive’ Contraction, Ex-PIMCO CEO El-Erian Says

According to former CEO of PIMCO, Mohamed El-Erian, Greece is heading for a “massive economic contraction” and will likely be forced out of the euro zone. On Sunday, Greece imposed capital controls, shut its banks, and closed its stock markets until further notice to avert a collapse of its financial system following Greek Prime Minister Alexis Tsipras’s shock announcement late … Continue reading

Greek Crisis Deepens As Govt Introduces Capital Controls; Banks, Athens Exchange Said To Be Closed For The Week

The crisis in Greece is deepening as the government announced that it will roll out capital controls in addition to closing its banks and the Athens Stock Exchange on Monday after creditors refused to extend the country’s bailout and savers flock to ATM’s to withdraw cash, Reuters reports. Athens’ standoff with the European Union (EU) and the International Monetary Fund (IMF) heads to a dangerous … Continue reading

Greece Debt Default: How Long Will it Take?

By Bill Holter I could have titled this piece “The Inevitable” or “It’s not a matter of if, but when” but I have another thought in mind and want to look at Greece from another angle.  Yes, either of those two titles would have sufficed because a Greek default is inevitable and only a matter … Continue reading

Are EU Officials Plotting Regime Change In Greece?

By Mark Weisbrot There were various narratives for what is happening to Greece as another deadline loomed – the April 24 gathering of finance ministers in Riga — and European officials showed no sign of compromise. The most common is that this is a game of brinkmanship, with the Germans and their allies pushing for “reforms” that … Continue reading

A Greek Canary In The European Coal Mine

By John Rapley The political fault-line that has supposedly emerged in Europe in the age of austerity pits prudent northerners against profligate southerners. Thus, while Italy and Greece may be flailing in a pit of economic despond, the Dutch or Germans feel little pity since they reckon their partners willingly leapt into the mire. But … Continue reading

European Central Banks Demand Slashing Greek Assets To Zero As Default Fears Mount

Several Central Banks in Europe have reportedly called on Greek bank subsidiaries that are operating in their jurisdiction to slash their exposure of Greek assets to zero and “quarantine” themselves in order to minimize the danger of contagion should the nation default on its debt. According to Greek newspaper Kathimerini, the central banks of Albania, Bulgaria, Cyprus, Romania, Serbia, Turkey, and … Continue reading

Of Trojan Horses And Realpolitik: The Tsipras-Putin Meeting And Its Broader Implications

Today Alexis Tsipras will sit down in Moscow for talks with Vladimir Putin. This meeting has been dogged by controversy and has led many to wonder: what exactly do Russia and Greece hope to gain from this encounter? By Dr Vassilis Petsinis During Costas Karamanlis’ term in office as PM (2004-2009), the Greek government sped up … Continue reading

Greek PM Tsipras To Merkel: “Impossible” To Pay Debt Obligations Without Short-Term Assistance: FT

The Prime Minister of Greece, Alexis Tsipras, warned German Chancellor Angela Merkel that it’s going to be “impossible” for his country to service its debt obligations that are due in the coming weeks if the European Union (EU) doesn’t provide Athens with any short-term financial assistance, the Financial Times (FT) reports on Sunday. The warning was sent by … Continue reading

Neo-Medievalism: Austerity And Extremism In Greece

John Rapley believes that ‘neo-medieval’ forms of governance are appearing on the global stage. In fact, this phenomenon may not be confined to the developing world. Embryonic forms of neo-medievalism have appeared in Greece and could spread to the rest of Europe. By John Rapley During the negotiations over an extension of Greece’s bail-out, the … Continue reading

Greece Warns That It May Default On IMF Loan Next Week, Kathimerini Says

According to a report from Greece’s Kathimerini, Greece has warned that it may default on payment of its loan from the International Monetary Fund (IMF). According to the report from Kathimerini, Greek State Minister for Coordinating Government Operations, Alekos Flambouraris raised concerns that Greece “might delay payment to the International Monetary Fund if it cannot find the necessary money.” Greece is due … Continue reading

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