Grexit strategy: How much money does Greece owe, which countries does it owe and when does it have to pay its debts? April 16, 2015 As Greece teeters on the brink of default (again), it looks like its lenders are losing patience. Yields on Greek bonds soared this morning after it was reported that the International Monetary Fund (IMF) had gently asked the country not to request a delay on its debt repayments. But how much does Greece actually owe, who [...]
Greek bond yields soar on IMF rumours April 16, 2015 Yields on Greek 10-year bonds soared to 12.8 per cent in late morning, after reports suggested the International Monetary Fund (IMF) has rejected informal requests to delay loan repayments. Yields on its three-year notes rose to 26.43 per cent, after the FT reported this morning that the IMF had “persuaded” the Greek government not to make [...]
Greek debt gets downgraded as Yanis Varoufakis heads to Washington April 15, 2015 Greece’s debt was downgraded further into junk territory yesterday while Germany’s finance minister cast doubt on hopes that a deal on more funding for the country could be struck next week. Ratings agency Standard and Poor’s downgraded the country’s debt further into junk to CCC+/C from B-/B. “Without deep economic reform or further relief, we [...]
Greek finance minister Yanis Varoufakis heads to Washington ahead of crunch talks April 14, 2015 Greece’s finance minister Yanis Varoufakis will jet off to the US tonight to meet President Barack Obama, as well as the lawyer who helped Greece restructure its debt in 2012. Varoufakis will meet Obama tomorrow. It will be followed by meetings with European Central Bank head Mario Draghi on Friday, Secretary of the Treasury Jack [...]
Is the Eurozone recovering? What traders need to know April 13, 2015 Improving credit conditions point to sustained growth. The Eurozone economy seems like it might finally be back on track, with stock markets rallying and greater confidence that activity is picking up in a region that has long been mired in crisis. Although German shares and the FTSE 100 fell slightly yesterday, European stocks are [...]
European markets fall from record highs as political uncertainty hits sterling April 13, 2015 Following the jubilant highs achieved by European markets on Friday, things looked rather more muted this morning. Stocks across Europe started the day down amid political and economic uncertainty, while Greece prepared to enter yet another last-chance saloon. The FTSE 100 was down 0.29 per cent in early trading, while Germany's Dax fell 0.27 per [...]
The Eurozone will remain mired in crisis unless it faces up to the facts April 12, 2015 During my years in the trenches in Washington, my staff christened one of my favourite analytical canaries in the coalmine the “we are where we are moment”. That is, you can determine whether a crisis is actually being dealt with simply by looking at the rhetoric of the opposing forces involved. If they hadn’t moved [...]
Secret plans are being drawn up to kick Greece out of the Eurozone April 10, 2015 Eurozone countries are formulating plans to boot Greece out of the single currency, as expectations grow that Athens may default on its debts next month. A memo put together by the Finnish Finance Ministry, a close Berlin ally, talks of “very difficult political decisions” as the currency bloc braces itself for Greece’s cash flow to [...]
Greece urges creditors to compromise on bailout April 9, 2015 Greece will strike a deal on its bailout loan before the end of this month even if it invokes a political backlash, but its Eurozone creditors must be prepared to compromise, finance minister Yanis Varoufakis said yesterday. Varoufakis’ statement came as Eurozone partners set Greece a deadline of six working days to improve proposed economic [...]
Defiant Greek PM Alexis Tsipras cosies up to Russian President Vladimir Putin April 8, 2015 Greek Prime Minister Alexis Tsipras risked straining relations with his Eurozone partners even further yesterday after a meeting with Russian President Vladimir Putin to boost ties between the two countries. Dismissing European officials who questioned his intentions for the trip, Tsipras said: “Greece is a sovereign state – it has its undisputed right to a [...]