Tag: Greece

War Drums Beating: Bulgaria Blocks Russian Access To Its Airspace For Syria Flights

On Monday we flagged a notable escalation in the build up to the geopolitical “main event” in Syria where, thanks largely to the West’s ambition to break Gazprom’s leverage over Europe, the US and Russia are one “accidental” run-in away from taking the “proxy” out of the term “proxy war.”   With the Kremlin now […]

Greek Island Overwhelmed By Stranded Migrants, Despair

The island of some 100,000 residents has been transformed by the sudden new population of some 20,000 refugees and migrants, mostly from Syria, Iraq and Afghanistan – and the strain is pushing everyone to the limit.   Fights break out among the migrants as they wait in long lines for hours in the summer heat […]

Greece’s top judge takes over as caretaker PM ahead of snap vote

Greece’s top judge on Thursday became the country’s first female prime minister, taking over a caretaker administration to organize early elections next month, the fifth in the crisis-hit country in six years.   Vassiliki Thanou, the 65-year-old head of the Supreme Court, took her oath of office in a brief ceremony at the presidential mansion. […]

Greece gets $14.5 billion to pay debts, part of new bailout

Greece is receiving the first 13 billion-euro ($14.5 billion) payment of its new bailout, with 12 billion euros earmarked for repaying debts and the remainder for settling arrears to public sector suppliers.   Athens is using the funds to repay a 3.2 billion euro ($3.5 billion) debt installment due Thursday to the European Central Bank […]

Greek parliament approves bailout after all-night debate

Greece’s parliament on Friday approved the country’s third international bailout after an all-night debate, hours ahead of a critical meeting by European finance ministers.   A majority of 222 lawmakers approved the 400-page document over 64 who voted against and 11 abstentions.   Prime Minister Alexis Tsipras had earlier urged the chamber to approve the […]

Greece reaches deal on third bailout with creditors

Greece on Tuesday reached a deal on a multi-billion bailout with its international creditors, officials said, with the government planning to submit it to parliament later in the day.   “An agreement was reached,” a government source told AFP, with Finance Minister Euclid Tsakalotos telling reporters: “We are very close… There are a couple of […]

Athens in ‘intense’ talks to avoid another loan default

Greece and its creditors were involved in “intense talks” over the weekend to agree a new bailout before the debt-ridden country must repay 3.4 billion euros ($3.7 billion) to the European Central Bank on August 20.   European officials said sticking points still remain despite the progress being made, with a “generally positive reception… towards […]

Greek banks to reopen Monday with restrictions

Greece’s government says the country’s banks will reopen Monday after being closed for three weeks but cautioned that restrictions on withdrawals would only be lifted gradually. Deputy Finance Minister Dimitris Mardas made in the announcement Thursday evening on state-run ERT television.   Banks were closed June 29 to stop mass cash withdrawals from triggering their collapse. The […]

Nomura: Greece and East Germany privatisation

Nomura’s chief economist Richard Koo is seeing parallels between Greece and East Germany, shortly after the fall of the Berlin Wall, right now.   In a note sent to clients on Tuesday, Koo attacks Greece’s creditors for negotiating a deal based on “highly unrealistic” assumptions and reaching an agreement that “resolve none of the fundamental problems […]

France agrees with the IMF about Greece’s impossible debt burden

French finance minister Michel Sapin just opened up what could be a political rift between Paris and Berlin.   “The IMF is saying the same thing as we are,” Sapin said on French TV on Wednesday morning according to Reuters, adding: “We cannot help Greece if we maintain the same debt reimbursement burden on the […]