The seemingly final deadline for serious Greek proposals in the debt showdown was Friday morning, and some paperwork was indeed delivered on schedule, inducing some optimism that a Greek exit from the Euro would be averted. Depending on who you ask, the deal is either a stunning triumph or disastrous capitulation for either Greece or its creditors.
A Bloomberg reporter, presumably in Athens to cover the developing Greek debt crisis, received quite a surprise with the bill: a charge in the Greek drachma, a long-defunct currency looming its head as the possibility of Greece leaving the euro behind grows with every day its government fails to make a debt payment to Europe.
As the Greek crisis deepens, questions are already being asked about whether another Eurozone member could end up in the same situation. With huge public debt, a vulnerable economy and the prospect of a radical left-wing government on the horizon
All sorts of deadlines have come and gone during the Greek debt crisis—as the basket-case nation’s European creditors repeatedly blinked and decided to grant one extension after another—unwilling to precipitate the pan-European (and possibly global) financial earthquake of a “Grexit” from the Euro.
China is teetering on the edge of a 1929-style stock market meltdown, and Greece might be about to exit the Euro. China is worried about what the Grexit, or an even larger collapse of the Euro, might do to its house-of-cards stock market. Everybody else is worried about what a Chinese collapse could do to their markets, especially since Western socialists have sold so much of their own nations to China over the years.
More than 100 MPs from German Chancellor Angela Merkel’s own party are set to rebel against any new bailout deal for Greece – potentially sealing the country’s fate in the Eurozone. According to German media, the rebellion could kill of
Greek Prime Minister Alexis Tsipras had a final chance to present credible reform proposals to an emergency euro zone summit on Tuesday to persuade sceptical creditors to reopen aid talks before his country’s banks run out of money. With Greek
European creditors have warned Greece that it can expect no further help and that it will crash out of the euro unless it accepts the bailout deal. The Times reports that Germany said the only aid it will now offer
Vladimir Putin is reportedly reaching out to Greek leaders to try to affect the outcome of the recent crisis. On Sunday, Greek voters once again defied European leaders and voted against approving new austerity measures.
As Greece breaks apart on the rocky shores of the European Union, the man who did so much to run his nation’s finances aground has decided to call it quits. The New York Times sees the sudden resignation of “combative” Finance Minister Yanis Varoufakis as a gesture of “conciliation” between the socialist Syriza government and a thoroughly fed-up European Union, but it might be premature to talk about Greece making peace with its creditors.
As Europe wakes to the momentous result in Greece, some of the continent’s papers are predicting a near apocalypse over the ‘No’ result. The German papers are relatively muted, although not exactly pleased, about the result. Die Welt says “Greece
The leaders of France and Germany will hold emergency talks later after Greek voters decisively and “bravely” rejected a tough new bailout deal. Robert Nisbet reports.
In a further sign its days in the euro may be numbered, the Greek government is considering introducing an “IOU currency” to boost liquidity while banks remain closed. In the wake of last night’s decisive “No” vote, top Syriza officials
The value of the euro compared to major peer currencies is already dropping as the financial effects of the Greek ‘No’ vote in Sunday’s referendum filter into the global market. With analysts predicting banks facing funding crises and individuals unable to take their money from ATMs, volatility is set to reign for some time.
Greek citizens are celebrating tonight as around 61 per cent of them voted ‘no’ to the European Union-imposed bailout measures. Polls closed at 4pm local time today, whereupon it soon became clear that the ‘No’ camp – rejecting EU-demands for
Greek voters headed to the polls Sunday to decide their country’s cooperation with the terms of an international bailout. The truth is that Greece has actually been in default of its debt obligations for more than half of the last two centuries.
As the ruling Coalition of the Radical Left (Syriza) vocally demands the Greek people vote “no” on a referendum regarding European Union debt repayment terms on Sunday, an unlikely voice has emerged representing the opposition “yes” vote, interpreted as a vote in favor of keeping the Euro as currency and remaining in the Euro: electro-pop megastar Sakis Rouvas.
Many in Greece and across Europe are coming to terms with the reality that the debt-ridden country may soon have to leave the euro. With Greeks due to go to the polls tomorrow to decide whether to accept the terms
As Greece stands on the brink of economic collapse, we bring you the latest images from the crisis-hit country. Read more here.
As the Greek crisis comes to a head, German Finance Minister Wolfgang Schäuble has admitted for the first time that Greece may leave the euro “temporarily”. Speaking to Bild, the German minister said: “Greece is a member of the eurozone.
It has been a difficult week for Greece, whose as-of-yet insurmountable debt to the European Union and International Monetary Fund continues unpaid and with little hope of preventing a default.
Greece has failed to make the payment to the International Monetary Fund which was due at midnight Brussels time (11pm London, 6pm E.S.T.). If the IMF declares the non-payment a default then Greece becomes the first developed European country in 71
The head of the European Commission made a last-minute offer to try to persuade Greek Prime Minister Alexis Tsipras to accept a bailout deal he has rejected before a referendum on Sunday which EU partners say will be a choice
Greek Prime Minister Alexis Tsipras has forced all banks in the country to shut down and limit the amount of money Greeks can withdraw from ATMs. This is in anticipation of a July 5 referendum on whether Greece should accept economic reforms in exchange for a shot at not defaulting on its $271 billion debt to the European Union and the IMF.
The Eurozone rejected Greece’s request for one-month bailout extension only a day after the bankrupt country turned down an extension offer from their creditors. “It looks like we are heading for Grexit,” exclaimed one person who participated in the meetings.
