Greece debt crisis: Eurozone refuses bailout extension
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Aptrgangr
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Greece debt crisis: Eurozone refuses bailout extension
Greece debt crisis: Eurozone refuses bailout extension

Eurozone finance ministers have rejected a Greek request to extend a bailout programme beyond 30 June.
A Eurogroup statement said Greece had broken off negotiations over a new bailout deal "unilaterally".

Late on Friday, Greek PM Alexis Tsipras called a surprise referendum for 5 July over the terms of any new deal.
Greece has to pay €1.6bn (£1.1bn) to the IMF on Tuesday. Without new funds, there are fears Greece may leave the euro and its economy may collapse. (...)

http://www.bbc.com/news/world-europe-33300543

Greece debt crisis: Tsipras announces bailout referendum
http://www.bbc.com/news/world-europe-33296839

"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
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"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2015 Jun 27 18:17
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Godyfa
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RE: Greece debt crisis: Eurozone refuses bailout extension
It gets even worse:

Quote:ECB 'to end Greek bank lifeline'

The European Central Bank is expected to end emergency lending to Greece's banks on Sunday, the BBC understands.

The country's banks depend on the ECB's Emergency Liquidity Assistance (ELA). Its governing council is meeting later.

Greece will probably have to "announce a bank holiday on Monday, pending the introduction of capital controls", a source told the BBC's Robert Peston.

The bailout for heavily indebted Greece expires on Tuesday and talks have broken down.

Greek banks would find themselves in serious straits as soon as Monday if the ECB went ahead and cut the lifeline, the BBC economics editor says.
Capital controls are restrictions on how much customers can withdraw from banks. Until now, the Greek government has signalled that it does not want to impose such controls.

In recent weeks, Greeks have withdrawn billions of euros from banks, and long queues formed at cashpoints on Saturday, amid fears that banks would not open on Monday.

The ECB has been sending emergency funds on a daily basis to the Greek central bank, which then allocates it to the high-street banks.

Grexit risk looms

Austria's Finance Minister Hans Joerg Schelling said a Greek exit from the euro now "appears almost inevitable".

But Robert Peston says a "Grexit" from the euro is not inevitable, as the eurozone did resolve Cyprus's banking crisis in 2013 and the country stayed in the euro.

Capital controls were imposed on Cypriot banks, and remained in place for a long time - the last restrictions were only lifted in April this year.
Greece's situation is more difficult, Robert Peston reports. Capital controls are seen as an important step towards leaving the euro, because the single currency's rules require free movement of capital.

But Greece could remain in if its government and the bailout providers - the EU and IMF - can restart constructive negotiations, he reports.
http://www.bbc.co.uk/news/world-europe-33303105
2015 Jun 28 11:49
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Aptrgangr
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RE: Greece debt crisis: Eurozone refuses bailout extension
Greek default and Grexit now increasing in probability

https://www.creditwritedowns.com/2015/06...ility.html

Actions to be taken in consultation with EC/ECB/IMF staff:
http://s.kathimerini.gr/resources/articl...-clean.pdf

"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
Aristotle

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2015 Jun 29 19:21
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Gamera
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RE: Greece debt crisis: Eurozone refuses bailout extension
One at the time, folks.

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“I'm an economist. I've even got a PhD in Economics. Yet, I'm a good person, I swear!” - Rafael Correa, president of Ecuador
2015 Jun 30 11:27
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W. R.
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RE: Greece debt crisis: Eurozone refuses bailout extension



[...] just as it is not left unto us to choose our ancestors, so we may not choose our nation; we can only fulfil, or not fulfil, the obligations that come from being a member of our people’.
© Dr. Jan Stankievič ‘From the History of Belarus’

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2015 Jun 30 20:01
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Aptrgangr
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RE: Greece debt crisis: Eurozone refuses bailout extension
China says wants Greece in euro zone, pledges EU infrastructure investment

BRUSSELS (Reuters) - China's Premier Li Keqiang said on Monday he wants to see Greece remain in the euro zone and promised that Beijing would make investments in the European Union's new infrastructure fund.

"It is in China's interest. We would like to see Greece staying in the euro zone and we urge the international creditors to reach an agreement with the Greek side," Li told business leaders at a conference in Brussels before an EU-China summit. (...)

http://finance.yahoo.com/news/china-says...ector.html

The difficult choices facing the Greeks

If I were a voter, I would bemoan my government’s leftism and the eurozone’s self-righteousness
http://www.ft.com/intl/cms/s/0/fcb2fb16-...z3ea5eu4iM

Europe’s Attack on Greek Democracy
http://www.project-syndicate.org/comment...tz-2015-06

"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
Aristotle

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2015 Jun 30 21:50
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Gamera
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RE: Greece debt crisis: Eurozone refuses bailout extension
(2015 Jun 30 21:50)Aptrgangr Wrote:  I would bemoan my government’s leftism

Actually, the passing of the referendum in parliament was something truly peculiar:

Quote:In the early hours of 28 June 2015, Parliament voted on whether or not the government's proposed bailout referendum should be held, with 178 MPs (Syriza, ANEL and Golden Dawn) for, 120 MPs (all other parties) against and two MPs abstaining.

Quote:deputies from the far-right Golden Dawn voting with the government and pro-European opposition parties New Democracy, Pasok and To Potami and the KKE Communist party voting against.

http://www.theguardian.com/business/live...sters-live

The Nazis and the radical left, brothers against the EU! Big Grin

“I'm an economist. I've even got a PhD in Economics. Yet, I'm a good person, I swear!” - Rafael Correa, president of Ecuador
2015 Jul 01 01:18
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W. R.
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RE: Greece debt crisis: Eurozone refuses bailout extension
Why such a big deal is being made out of staying in the Eurozone? Let them reintroduce the drachma. The Greek government will be able to rob their own people by devaluation in case of need. Everyone will be happy, only Greeks will be poorer. Grexit! Do it, faggots.

[...] just as it is not left unto us to choose our ancestors, so we may not choose our nation; we can only fulfil, or not fulfil, the obligations that come from being a member of our people’.
© Dr. Jan Stankievič ‘From the History of Belarus’

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2015 Jul 01 06:32
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Aptrgangr
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RE: Greece debt crisis: Eurozone refuses bailout extension
Greece news live: Tsipras quells rebellion as Greeks set to pass tougher three-year rescue package

Deal looks to be more severe than the proposal rejected by Sunday's referendum and - crucially - there is no mention of debt sustainability

Greeks ready to sign up to new tough austerity package
• Moody's: banks will run out of deposits by Sunday
• Athens says confident creditors will accept proposals
• Greece submits new plan as two sides edge closer to deal
• As it happened: Greek deal leaks
• Explained: What's on the table?

Protestors still say Oxi
The Greek parliament is set to sign off on austerity measures that were overwhelmingly rejected by the country in a referendum last weekend.
Anti-austerity demonstrators, many affiliated to the Communist party (KKE) are now gathering outside the parliament building in Syntagma Square to voice their backing for an 'Oxi' for austerity. (...)

http://anonymouse.org/cgi-bin/anon-www.c...ckage.html

Alexis Tsipras, the leader taking Greece to the brink
http://www.ft.com/intl/cms/s/0/74c2def0-...z3fWcYNUzt

“Tsipras Has Just Destroyed Greece”
http://www.nakedcapitalism.com/2015/07/t...reece.html

Edit
Over To You Merkel: Greek Govt Approves Bill The Greek People Soundly Rejected
http://www.zerohedge.com/news/2015-07-10...e-voted-no

"The secret to happiness is freedom... And the secret to freedom is courage."
Thucydides

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."
Aristotle

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
(This post was last modified: 2015 Jul 11 05:12 by Aptrgangr.)
2015 Jul 10 22:13
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Dussander (11-07-2015)
Dussander
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RE: Greece debt crisis: Eurozone refuses bailout extension
(2015 Jul 01 06:32)W. R. Wrote:  Why such a big deal is being made out of staying in the Eurozone? Let them reintroduce the drachma.

Because the eurocrats see such a develpment as reactionary. It would burst their bubble about the EU being a progressive entity, whose equal members can always reach a compromise.

An IMO great article on the matter of Grexit:
http://www.theguardian.com/business/2015/jun/29/joseph-stiglitz-how-i-would-vote-in-the-greek-referendum

We must dissent.

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2015 Jul 11 21:11
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