Merkel refuses to budge on Greek debt repayments: “Europe’s credibility depends on us sticking to the rules” February 13, 2015 German Chancellor Angela Merkel has taken a hard line with Greece: the country's options are limited to completing all the requirements of the €172bn (£127.5bn) bailout or asking for an extension, she said last night. Ostensibly at least, there is no wiggle room for Athens, and no room for its preferred option of a revised [...]
Economists warn Greek banks running out of cash February 12, 2015 Greek banks were granted an additional €5bn (£3.7bn) worth of emergency lending yesterday to cope with deposits fleeing the system. Money began leaving the banking system when snap elections were called in December, and the outward flows appear to show no sign of letting up. “It seems that deposit outflows continue, and have been higher [...]
Greece bailout deadline: ECB raises pressure for agreement but extends new loans to Greek banks February 12, 2015 Greek banks have been given an extra €5bn (£3.7bn) worth of emergency loans by the European Central Bank (ECB). The decision was made during a phone call between members of the bank's governing council earlier today, and will take the country's emergency funding up from €60bn (£44bn) to €65bn (£48bn). "It is key that [...]
Eurogroup meeting: First day of Greek bailout discussions ends fruitlessly February 11, 2015 Greek bailout negotiations ended farcically last night after an extraordinary Eurogroup meeting with Greece’s new left-wing finance minister in Brussels failed to even agree on a statement regarding the progress of talks. “If you don’t reach a joint conclusion you can’t release a statement,” Eurogroup president Jeroen Dijsselbloem told reporters last night. He said little [...]
Greece Eurogroup meeting: Finance Minister Yanis Varoufakis lists four key principles for renegotiation February 11, 2015 Today, Greece's finance minister met with leaders from the Eurozone's other member states to discuss a renegotiation of its bailout package. Yanis Varoufakis is part of the radical left party Syriza, which won a parliamentary vote on 25 January on the back of its promise to bring the country out of austerity. It [...]
Bank stocks sink as European finance ministers prepare for Greece showdown February 11, 2015 Shares in Greek banks led a 3.5 per cent fall in the Athens Stock Exchange this morning, as European finance ministers from 19 countries prepared to meet in Brussels, with Greek finance minister Yanis Varoufakis expected to push to cancel Greece's bailout deal. A bailout from the European Union and the International Monetary Fund expires [...]
Prime Minister David Cameron holds emergency meeting to protect British banks from Grexit February 9, 2015 David Cameron has held emergency talks with officials from the Treasury and the Bank of England to prepare for a possible Greek exit from the Eurozone. The Prime Minister held meetings this morning, as the chances of a "Grexit" increased following a defiant speech from prime minister Alexis Tsipras yesterday. Although the UK isn't part [...]
European markets fall as Greek bond yields soar on Grexit fears February 9, 2015 European markets dropped while yields on Greek bonds leapt this morning, as investors showed their concerns over the possibility of a Greek exit from the euro. The FTSE 100 fell more than one per cent, while Germany's Dax lost almost two per cent and the French Cac 40 fell 1.5 per cent, after Greek prime [...]
A Greek exit from the Eurozone is unavoidable, warns ex-head of US central bank February 8, 2015 Greece will eventually have to leave the Eurozone, according to the ex-chairman of the Federal Reserve. Alan Greenspan, who was head of the US central bank from 1987 to 2006, told the BBC he did not believe the other members would continue to make concessions for the struggling nation. Since the radical left-wing [...]
Greece readies itself for round of crucial talks next week February 6, 2015 The Greek government is preparing for a special meeting of Eurozone finance ministers, having made little progress during talks with Eurozone officials this week. The meeting, scheduled to take place on Wednesday, will focus on how to provide financial support for Athens. It comes ahead of talks between European leaders due the next day. It [...]