Tag: Greece

The Latest: Cyprus says Greek reforms much improved

Greece’s former finance minister, Yanis Varoufakis, says family obligations will keep him away from Friday night’s parliament session to debate the government’s proposed reforms in return for a third bailout.   The government has asked for parliament’s approval to use the Greek proposals sent to creditors Thursday as the basis for negotiations with the creditors […]

Greece ATM and capital controls update: reasons behind queue

Banks are being flooded by Greeks, mainly pensioners. Greeks remember all too well the 1999 Athens Stock Market crash, when investors lost substantial amounts of their savings, just before Greece joined the Euro.   While it’s looking more and more likely that Greece will actually strike a deal with its creditors, after Greece submitted its latest […]

Deadline day for Greek ‘last chance’ bailout plan

Greece was to submit a detailed bailout request to its EU partners in the eurozone Thursday in a last-ditch effort to save its collapsing economy and its membership in the European single currency.   Prime Minister Alexis Tsipras vowed on Wednesday that his country’s new plan asking for billions in euros would contain “concrete proposals, […]

Exclusive: Greek banks face closures, bailout or not

Some large Greek banks may have to be shut and taken over by stronger rivals as part of a restructuring of the sector that would follow any bailout of the country, European officials have told Reuters. European leaders will gather on Sunday in a last-ditch attempt to salvage agreement with Greece after months of acrimonious […]

Greece news live: Germans in rift with the rest of Europe over debt relief proposals after US intervention

The Greeks look like they’ve managed to bend the ears of their European creditors – with the help of Washington – and will get a commitment towards debt relief. But what is the price they’re willing to pay in return for the concession? Given the mutual face-saving games being played by both Mr Tsipras and […]

REPORT: Greece just laid down its plans for another 3-year bailout

The Greek government just laid down its plans for another bailout to its European creditors. According to The Wall Street Journal, Greece is asking for a three-year bailout from the European Stability Mechanism (ESM), more often known as Europe’s bailout fund.   A document seen by The Journal reportedly contains promises to “implement tax reforms […]

Greek banks likely to reduce ATM limits without more funding

Greek banks will likely reduce the amount of money customers can withdraw from ATMs Thursday without a bigger infusion of cash as the financial system struggles to stay afloat while government leaders make a last-ditch effort to avoid national bankruptcy.   The European Central Bank is expected to discuss whether to increase the 89 billion […]

Greek debt crisis: What next for the European Union dream?

Or, at least, some of those with a long memory have been wondering. For the past few years, as the EU has grappled with economic and migration crises, even the idea of a European idea has been largely absent from the debate, apart from often vague-sounding calls for solidarity. In fact, many younger Europeans probably […]

Greece Given Until Sunday to Settle Debt Crisis or Face Disaster

Frustrated European leaders gave Greece until Sunday to reach an agreement to save its collapsing economy from catastrophe after an emergency summit meeting here on Tuesday ended without the Athens government offering a substantive new proposal to resolve its debt crisis.   “The situation is really critical and unfortunately we can’t exclude the black scenarios […]

Euro zone gives Greece until Sunday for debt deal

Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe’s currency bloc and into economic ruin. “The stark reality is that we have only five days left … Until now […]