Will Greece be able to stop capital controls? Here are its options July 7, 2015 After voting against accepting proposals put forward by creditors in Sunday's referendum, Greeks are now facing capital controls – ATM withdrawals are limited to €60 (£43) a day. Meanwhile, suppliers are demanding businesses pay cash up front, making normal commerce impossible. Soon, the country could completely run out of cash altogether – analysts [...]
Greek debt crisis: European markets robust after referendum “no” vote July 7, 2015 European markets were relatively sanguine yesterday in the wake of Sunday’s referendum result in Greece, which many viewed as increasing the chances of a crash out of the Eurozone. Some feared that if Greece defaulted on its debt and left the euro it might have big impacts on other European economies. Read [...]
Greek crisis: Your five biggest questions about Grexit answered July 7, 2015 On Sunday, the Greek people gave a resounding “no” to further austerity. But what does that mean? What’s going to happen next? We’ve all got a lot of questions about the turmoil in Greece. We’ve answered your top ones here. Read more: The 12 Twitter accounts you need to follow to make sense of this [...]
Greek crisis: Junker says Greece’s referendum result is an “irrelevant circus” July 7, 2015 President of the European Commission, Jean-Claud Juncker, has told Greek voters that the country’s referendum result is an “irrelevant circus” as it was based on an illegitimate question. He accused the Greek government of ignoring rationality and acting emotionally by calling a vote, questioning if a “no” vote really meant no. This comes just days [...]
European Commission President Jean-Claude Juncker: Greek referendum was “irrelevant circus” July 7, 2015 European Commission President Jean-Claude Juncker has dismissed the country's referendum result as an "irrelevant circus" because it was based on an illegitimate question. "We are told we must respect the Greek people's vote," he told MEPs. "The people of Greece have spoken and I would like to understand what they have said." Juncker [...]
Greek debt crisis: Mario Draghi turns up the heat on banks July 6, 2015 The Eurozone’s central bank piled more pressure on Greece ahead of today’s crucial summits, by making it harder for the country’s struggling banks to access emergency loans. The move, revealed yesterday, is not expected to push any Greek banks to the brink, but was widely seen as a turning of the screws on Greece that [...]
Oil price drops to three-month low on worries over Eurozone July 6, 2015 Oil prices fell below $60 a barrel yesterday, as the shockwaves from the Greek “no” vote pushed prices further down. Yesterday marked the first time since April that internationally traded Brent crude fell so low, at one point dipping to as little as $56.50 a barrel. US benchmark West Texas Intermediate was also trading at [...]
George Osborne: Greek crisis could go from bad to worse July 6, 2015 Chancellor George Osborne has warned that the economic crisis in Greece has reached a “critical moment” with far-reaching consequences for the UK economy. “No-one should be under any illusions,” Osborne said yesterday in the House of Commons. “The situation risks going from bad to worse,” he added. “Britain will be affected the longer the Greek crisis [...]
Greece could now get its deal – but only if you believe the unbelievable July 6, 2015 “Freedom’s just a word for nothing left to lose.” – Janis Joplin, “Me and Bobby McGee” Greece's Syriza government likes to gin up its overheated rhetoric through the use of war metaphors, so let’s play along, as for once they are entirely appropriate. In political risk analysis, when there is an explosion from out [...]
Has muted market reaction to the referendum hurt Greece’s hand in impending negotiations? July 6, 2015 Paras Anand, head of European equities at Fidelity Worldwide Investment, says Yes The benign market reaction following Sunday’s referendum, and ultimately the increased probability of a Grexit, will strengthen the perception that systemic risk from such an event is modest. While some have correctly suggested that spreads on sovereign bonds are being distorted by the [...]