The OECD on Greece: The country desperately needs reform – CNBC Comment July 6, 2015 Ahead of the weekend’s resounding “no” vote out of Athens, the main Greek stock market had had a surprisingly good second quarter: it was up by around 3 per cent, outperforming major European indexes such as the UK’s FTSE, down almost 3 per cent; Germany’s Dax, down almost 8 per cent; and the French Cac, [...]
US stocks close lower amid Greek debt crisis July 6, 2015 United States stocks closed lower today, however they clawed back some of the sharp losses seen at the open, after European and Asian markets which shook off the fallout from the Greek debt crisis earlier in the day. The Dow Jones Industrial Average ended the day down 46.53 points, or 0.26 per cent, to just [...]
Greek crisis: ECB maintains emergency funding for Greek banks and imposes bigger haircut on Greek bank collateral July 6, 2015 The European Central Bank (ECB) has imposed a bigger haircut on Greek banks making it harder for them to receive the emergency funding they need to stay afloat. The governing council's move means Greek banks will have to cough up more assets in exchange for Emergency Liquidity Assistance (ELA), however a source told Reuters that the [...]
Greek crisis: Greek prime minister Alexis Tsipras agrees with Angela Merkel he’ll present new proposals tomorrow July 6, 2015 Greek Prime Minister Alexis Tsipras has agreed with German Chancellor Angela Merkel that he will present new proposals for a deal at a summit of Eurozone finance ministers tomorrow, reports have suggested. Read more: Has the Greek crisis irrevocably tarnished the euro? Reuters reported that the pair had reached the decision during a phonecall today. However, [...]
Greece votes no: European markets dip as selloff begins July 6, 2015 European markets dipped today after the chances of a Greek exit from the Eurozone looked stronger than ever – although the dip wasn't as strong as expected. Having opened more than one per cent down after the Greek people voted against bailout conditions set by the country's lenders, the FTSE 100 later recovered some of [...]
Countdown to Grexit: Every event this week which will decide the fate of Greece July 6, 2015 What's that shuffling sound we hear on the wind? The gentle rustle of European leaders trying to reorganise their diaries as the number of meetings over the continent's problem child – Greece – begin to stack up? We now know Greeks don't want austerity measures, but Alexis Tsipras, the country's Prime Minister, is determined to [...]
Nobel Laureate economist Paul Krugman: Europe “won big” from Greece’s “No” vote July 6, 2015 Nobel Laureate economist Paul Krugman hailed Greece's "No" vote in its referendum on European creditors' bailout package as a big win for the rest of Europe. Read more: Varoufakis resigns despite "no'" vote Greece overwhelmingly rejected lenders' austerity measures on Sunday, prompting the MIT professor to argue in his New York Times column that "Europe, and [...]
Yanis Varoufakis resigns: Here’s everything we know about Euclid Tsakalotos, the Greek golden boy tipped to take over as finance minister July 6, 2015 Euclid Tsakalotos has been tipped as the most likely replacement for Yanis Varoufakis, the finance minister who resigned today. By the time Varoufakis was appointed, he was pretty well known in economics circles – but who is Tsakalotos? Greece's chief economics spokesman and deputy foreign minister has been described as the country's "secret weapon" in negotiations [...]
Greek crisis: The 12 Twitter accounts you need to follow to make sense of this whole mess July 6, 2015 Last night, the Greek people made their feelings known: they won't accept further austerity. But what's going to happen next? And when will we find out? There's only one way to make sense of this whole mess – and that's in 140-character chunks. We've got the full cast of characters listed here. In the Greek [...]
Greek debt crisis: Germany shouldn’t lecture Greece – it never repaid its own debts, argues Thomas Piketty July 6, 2015 European conservatives, particularly in Germany “are about to destroy Europe and the European idea” over their demands to make Greece repay its debt, economist Thomas Piketty has said. Speaking with German newspaper Die Zeit, later translated on Medium, the outspoken economist claimed it was “a joke” that Germany was demanding Greece repay the €1.6bn [...]