Greek debt crisis: Greece upbeat on bailout deal but bank shares continue to plummet August 5, 2015 Greek finance minister Euclid Tsakalotos said yesterday that he was confident an agreement with the cash-strapped country’s lenders could be reached by 20 August, despite admitting disagreements on privatisations. Tsakalotos met yesterday with representatives of the International Monetary Fund, Eurozone and European Central Bank (ECB) to further discuss terms attached to any further lending. He [...]
Yougov poll shows majority of Germans, Britons, French still back Grexit despite bailout deal August 4, 2015 Although Eurozone leaders managed to agree on a bailout deal and avoid the urgent risk of Greece leaving the euro, public opinion has yet to recover from the political turmoil, as a new Yougov poll shows a majority wanting the country to leave the Eurozone across several EU countries. The question asked in the poll [...]
Designer of Greek crisis plan James Galbraith warns bailout deal is destined for failure August 4, 2015 The latest Greek bailout deal is destined for failure, an economist who helped engineer the cash-strapped country’s controversial currency crisis plan has warned. Negotiations on Greece’s third bailout plan – which would grant the country up to €86bn (£60.4bn) – have been ongoing since last week. “Nobody wants this deal,” Professor James Galbraith told City [...]
After yesterday’s stock market bloodbath, is now a good time to invest in Greece? August 3, 2015 George Efstathopoulos, co-portfolio manager at Fidelity Solutions, says Yes As Greece’s equity market re-opened with a thud this week, it’s clear that the country continues to pose considerable risks to investors. While the likelihood of Grexit has subsided significantly, it remains a possibility, and markets are likely to see continued volatility over the coming months. [...]
Greece debt crisis: With today’s stockmarket shocks and manufacturing data, further economic contraction seems inevitable August 3, 2015 Further economic contraction in Greece seems inevitable after today's bad news. Not only have bond yields returned to 2012 levels, Greek stocks plummeted to a three-year low as soon as the market re-opened, with all major banks hit hardest. And then of course there are the manufacturing figures. The three-year Troika austerity programme’s challenges to [...]
Greek shares plummet as the Athens Stock Exchange reopens August 3, 2015 Greece's main stock index continued to haemorrhage today after the cash-strapped country's markets were opened for the first time in five weeks. By this afternoon the Athens Stock Exchange had recovered slightly from the earlier sell-off and was down 16.3 per cent at 667.46 points. It posted its worst ever one-day performance after only a few minutes of trading this [...]
Purchasing Managers’ Index: Eurozone manufacturers shrug off Greek debt crisis in July August 3, 2015 The Eurozone's manufacturing sector continued to grow modestly in July, suggesting any effect from the Greek debt crisis remained limited. Markit's Eurozone manufacturing PMI hit 52.4 in July, ahead of the earlier flash estimate of 52.2, and also above the crucial 50 mark which indicates growth. This also meant it managed to hold close to June's [...]
Greek markets to reopen on Monday July 31, 2015 After a five-week shutdown, the Greek stock market will reopen on Monday, it has been reported. CNBC said Costas Botopoulos, the head of the Hellenic Capital Market Commission, confirmed the Athens Stock Exchange will open on Monday. The exchange has been closed since 29 June, when the government imposed strict capital controls limiting people to [...]
IMF may not participate in third Greek bailout July 31, 2015 The International Monetary Fund (IMF) has said it could be prevented from participating in Greece's third bailout programme, due to the state's debt pile and poor record of implementing previous economic reforms, it has been reported. This means while IMF staff will continue to participate in current negotiations around the Greek debt crisis, it could be [...]
Greece crisis: After six months in power Alexis Tsipras’ Syriza government has left the country with a veritable Mount Olympus to climb July 30, 2015 Alexis Tsipras’ six-month old left-wing Syriza government has put the country through a breath-taking roller-coaster of ideological hysteria, politico-economic gambles, and farcical constitutional experiments. Now it faces a rockier path ahead than the one it inherited. Perversely, at the time they lost power, the previous government was beginning to boast financial indicators pointing [...]