Tag: Greece

Europe gives Greece 5 days to avoid bankruptcy

An emergency summit of European leaders called to salvage Greece’s financial rescue broke up acrimoniously late Tuesday night, with officials saying the country now has just five days to avoid bankruptcy.   Following a day’s worth of talks aimed at finding a way out of months of bitter deadlock, European leaders were scathing in their […]

Juncker on Greece’s Tsipras: Referendum question is not valid

Tsipras is set to unveil new bailout proposals at an emergency meeting of eurozone leaders in Brussels on Tuesday.   “The Greek Prime Minister knows that the question asked in the Greek vote was no longer valid. I’m against a Grexit but we must discuss what ‘respecting the Greek vote’ means,” said Juncker in a […]

Greece votes No: The European Union is dying before our eyes

Despite the scaremongering and bullying from those in Brussels, we are waking today with Greece having delivered a resounding No. That comes despite EU bosses saying that it would mean a Greek exit from the Euro, not to mention the heavy economic pressure placed on the Greek people to go along with the wishes of […]

Greece ‘48 Hours Away From Unrest’

Greek Prime Minister Alexis Tsipras probably has 48 hours to resolve a standoff with creditors before civil unrest breaks out and ATMs run out of cash, hedge fund Balyasny Asset Management said. Fund managers are questioning how the International Monetary Fund and Europe’s leaders can seal a deal with Athens following the “no” vote in […]

Eurozone struggles to find joint response to Greek referendum

Germany and France scrambled to avoid a major split over Greece on Monday evening as the eurozone delivered a damning verdict on Alexis Tsipras’s landslide referendum victory on Sunday and Angela Merkel demanded that the Greek prime minister put down new proposals to break the deadlock.   As concerns mount that Greek banks will run […]

Chinese stock market chaos could be worse than Greek debt crisis

And the effects for Australia could be serious, affecting our key commodity exports and sparking the beginning of a period of recession-like conditions. “State-owned newspapers have used their strongest language yet, telling people ‘not to lose their minds’ and ‘not to bury themselves in horror and anxiety’. [Our] positive measures will take time to produce […]

Greece referendum: Greeks say ‘No’ to austerity and plunge Europe into crisis

The people of Greece have presented the European Union with the greatest political crisis in its history after voters decisively rejected years of further austerity and effectively challenged Brussels to throw a member state into the economic abyss.   The Syriza-led government in Athens celebrated what it called a victory of democracy over economic “terrorism”, […]

Greece Debt Crisis: What Happens Now After Bailout Terms Rejected?

All eyes now are on the European Central Bank to see whether it will maintain emergency funding for Greek lenders. The bank’s policy makers are expected to meet Monday and if the funding is suspended Greek banks would suddenly need to repay it — which could be mean the country crashes out of the eurozone. […]

The Latest: Finland’s Stubb says ‘ball in Greece’s court’

Greece’s economy minister says the European Central Bank should keep Greek banks alive so that talks can push ahead with creditors.   Giorgos Stathakis told the BBC that even if the ECB continues to freeze Emergency Liquidity Assistance, current cash withdrawal and transfer restrictions could stay in place until Friday without any collapse. He said […]

Financial markets react after Greece bailout plan rejected, finance minister quits

Greece’s debt crisis sent shivers through American stock markets Monday, a day after Greek voters rejected demands from international creditors for further austerity measures in exchange for a bailout of its bankrupt economy.   The Dow Jones Industrial Average fell more than 100 points after the opening bell, at one point hitting its lowest level […]