Grexit: Greek central bank warns of “uncontrollable crisis” if negotiations fail June 17, 2015 The Bank of Greece has warned its government of an "uncontrollable crisis" if it fails to reach an agreement with creditors by the end of the week. Greece's central bank says such a scenario would kick-off a "painful" course of events that could lead to the country's exit from the European Union, and urged the [...]
A world at war: Deaths from armed conflict have more than tripled since 2010 June 17, 2015 The number of people who died as a result of armed combat reached 180,000 last year, according to figures from the Institute of Economics and Peace (IEP). This was over 3.5 times higher than the 49,000 who died in 2010, and the economic impact has been huge. Read more: Despite Obama’s silver tongue, the future [...]
Greek crisis: UK stepping up contingency plans for Grexit says George Osborne June 17, 2015 The government has started planning for a Greek exit from the Eurozone, George Osborne has confirmed. Read more: European Commission President Jean-Claude Juncker says Greece has been misleading its voters A Grexit would pose "serious economic risks" to the UK, the chancellor said today, as David Cameron prepares to discuss the crisis with Italy's Prime Minister [...]
Syriza defiant despite Greek bank troubles June 16, 2015 The International Monetary Fund bears “criminal responsibility” for the damage caused to Greece’s economy since its first bailout, the country’s Prime Minister, Alexis Tsipras, said during a powerful speech yesterday. Meanwhile Greek Finance Minister Yanis Varoufakis has said a “Grexit” would not be a sensible solution and called for debt restructuring. Tsipras told his MPs [...]
All eyes are on Greece but rebounding inflation is Europe’s next big challenge June 16, 2015 The markets are on edge and, as Mario Draghi conceded several weeks ago, there is not much the European Central Bank (ECB) can really do to help. At the moment, all eyes are on Greece – a statement that could have been written on numerous occasions over the last five years. It’s “déjà vu all [...]
As the crunch point nears, could Greek default prove to be a geopolitical disaster for Europe? June 16, 2015 Famke Krumbmüller, a Europe analyst at Eurasia Group, says Yes If a default prompted Greece’s withdrawal from the euro, and the new arrangement were managed badly, it could have harmful consequences for the rest of Europe. Most importantly, it would send negative signals about the future of Eurozone integration – the monetary union was never [...]
Alexis Tsipras: International Monetary Fund bears “criminal responsibility” for Greek crisis, as survey shows fund managers aren’t prepared for Brexit June 16, 2015 The International Monetary Fund (IMF) bears "criminal responsibility" for the damage caused to Greece's economy since its first bailout, the country's Prime Minister, Alexis Tsipras, said during a powerful speech today. Read more: Debate – Should Greece accept it's better off without the euro? During a televised speech from parliament in Athens, Tsipras lost his [...]
Greece wants to delay its payments to the IMF by six months June 16, 2015 Greece wants to delay paying the €1.55bn (£1.1bn) it owes the IMF by six months, according to a report in the German newspaper Bild. This wouldn't be the first time Greece has looked to put off paying creditors – it had originally said it would bundle its debts to the IMF rather than pay in [...]
Markets on red alert as Greeks dig in heels June 15, 2015 Greek Prime Minister Alexis Tsipras insists his government will stand its ground against proposals demanded by creditors, as markets across Europe slide further into the red. City analysts now see a default and Greek exit from the Eurozone as an increasingly likely outcome. “We will patiently wait for the institutions [to] adhere to realism,” Tsipras [...]
As its day of reckoning nears, should Greece accept that it’d be better off outside the euro? June 15, 2015 Sam Bowman, deputy director of the Adam Smith Institute, says Yes Greece could probably stay in the Eurozone if it had either substantially lower government debt or substantially higher economic growth. But its economy has shrunk by over 0.6 per cent in the past two quarters, and is expected to continue to shrink this year. [...]