Greece’s tough repayment schedule: Who does it owe how much, when? February 20, 2015 If Greek finance minister Yanis Varoufakis can't get Germany agree to extend its bailout loan by six months, things are about to get uncomfortable for the country, which currently owes €317bn (£233bn), aka 175 per cent of its GDP, without much prospect of paying it back. Greece's finance is in a confusing state: not only [...]
European shares dip ahead of Greece showdown February 20, 2015 European markets edged down in the run-up to yet another showdown between Eurozone leaders and Greece, scheduled for today. Germany's Dax fell 0.24 per cent in early trading, while France's Cac dropped 0.31 per cent. The FTSE 100, on the other hand, remained largely flat, managing only a 0.09 per cent rise. The uncertainty hit [...]
Does Greek finance minister Yanis Varoufakis’ leather jacket make him a hell-raiser, protector or just a fading rocker? Either way, he’s going to have to be a tough guy February 20, 2015 The Holy Grail for most brand managers is to create a powerful identity icon, a shorthand which cuts to the heart of their offer. There are a number of options open to the budding marketer, but the standard fare breaks down into three options, visual – like the Nike tick; verbal – like Audi’s ‘Vorsprung [...]
Germany: We won’t fall for Trojan Horse February 19, 2015 Greece faces showdown talks in Brussels today as it races to secure a deal on its finances that will allow some room to boost spending – yet German officials insist they will not accept what they perceive to be Trojan Horse tactics. The two sides appeared to be miles apart last night, with both countries’ [...]
Euro falls as Germany rejects Greek bailout extension request February 19, 2015 The euro fell 0.1 per cent to 1.1386 against the dollar this afternoon after Germany rejected a request from Greece to extend its €172bn bailout programme by another six months, saying the request "does not meet the criteria agreed upon in the Eurogroup on Monday". Martin Jaeger, a spokesman for Germany's finance minister, said the [...]
Why the risk of Gexit contagion to other Eurozone members is lower now than in 2012 February 19, 2015 As Eurozone leaders decide whether or not to grant Greece's request for an extension to its bailout loan, ratings agency Standard & Poor's (S&P) has suggested a Greek exit from the Eurozone would present a lower a risk of contagion to other Eurozone economies than it did in 2012. In a report published today, the [...]
European markets fall as Greece submits formal request for loan extension to European finance ministers February 19, 2015 After weeks of posturing, the Greek government this morning submitted its formal request for an extension to its Eurozone loan agreement. European markets edged down, with the FTSE 100 dropping 0.4 per cent, Germany's Dax falling 0.7 per cent and France's Cac losing 0.5 per cent in early trading. The euro hit a two-day high [...]
Banks get a lifeline as Greece asks for new deal February 18, 2015 The European Central Bank (ECB) extended its emergency support (ELA) to Greek banks last night, while Greek officials are set to submit an offer for a loan agreement to European finance ministers today. The ECB extended the ELA by two weeks and lifted the cap by €3.3bn (£2.4bn) to €68.3bn. However, sources told Reuters that this [...]
Greek debt negotiations: What happens next? February 18, 2015 After talks between Greece and Eurozone finance ministers collapsed on Monday, what now? Greece has until the end of this week to agree a deal to extend its €172bn rescue programme, and is expected to request an extension to its bailout today, although within a different framework to the one offered by finance ministers [...]
How to fix the crisis: Germany must allow Greeks a New Deal February 17, 2015 My friend and colleague Yanis Varoufakis was left with near to nil support for his proposals at Monday’s crucial meeting with other Eurozone finance ministers. Before the week is over there may be another head-to-head with his German counterpart, Wolfgang Schauble – but if talks break down again, it could lead to a so-called [...]