Clash over Greek debt set to hinder new bailout deal July 30, 2015 Greece’s debt crisis is set to flare up again, as the head of one of the country’s biggest creditors said there needs to be a substantial write-down of the country’s debt, a move inconsistent with EU treaties. “For any programme to fly, a significant debt restructuring should take place,” International Monetary Fund (IMF) chief Christine [...]
Leaked Yanis Varoufakis parallel currency plan to hack government databases sparks Greek backlash July 27, 2015 Greek politicians demanded answers from Prime Minister Alexis Tsipras yesterday after a leaked recording revealed former finance minister Yanis Varoufakis was planning to hack into government databases to help start a parallel currency. Yesterday, the Official Monetary and Financial Institutions Forum released a recording of the conversation held between him and investors. “We [...]
Economist Joseph Stiglitz not shocked by Labour lurch: The rise of Jeremy Corbyn gets a big supporter July 26, 2015 A cosy, dimly-lit Mayfair cocktail bar with a stage for live music is not the first place you would expect to find a Nobel prize winning economist on a Sunday morning. Firebrand American polemicist Joseph Stiglitz was in town during an eyebrow-raising period for the British left. But while many in Westminster are shocked by [...]
Greek Prime Minister Alexis Tsipras under pressure to respond to Drachma plan rumours July 26, 2015 Greek Prime Minister Alexis Tsipras is under pressure to explain rumours that members of his ruling Syriza party intended to return to the drachma by raiding central bank reserves and hacking into taxpayers' accounts. Read more: Greek stock market could re-open on Tuesday after being shut for a month Far-left members who opposed a reform [...]
Greek stock market could re-open on Tuesday after being shut for a month July 26, 2015 The Athens Stock Exchange will remain closed tomorrow but might re-open on Tuesday, an anonymous spokesperson told Reuters. Read more: Greek banks and Athens stock market closed as Alexis Tsipras plans to stage referendum vote on bailout deal and euro value dives "It's certain that it will not open on Monday, maybe on Tuesday," they said. [...]
What struggling Greece can learn from the growth stars of Eastern Europe July 23, 2015 Where are Europe’s fastest growing economies to be found? They are in Eastern Europe. Over the past year, GDP has risen by 4.1 per cent in Romania, 4 per cent in the Czech Republic, 3.7 per cent in Poland, 3.3 per cent in Hungary, 3.1 per cent in Slovakia, and by 3 per cent in [...]
Greek PM Alexis Tsipras fights to keep bailout deal on track July 22, 2015 Greece’s banks received a new cash injection from the European Central Bank (ECB) yesterday, ahead of a crucial vote on a third bailout for the country. The ECB’s governing council raised the cap on emergency assistance for the country’s fragile banking system by €900m (£630m), as Greek politicians debated ahead of voting on a second [...]
S&P gives Greece credit upgrade as default “no longer inevitable” after bailout deal and repayments to International Monetary Fund and European Central Bank July 21, 2015 Some good news at last for Greece after the past months’ Eurozone drama over the indebted country. Ratings agency Standard & Poor has upgraded its rating after default was avoided and a deal struck with its lenders to discuss conditions for a third bailout. S&P lifted Greece’s rating from CCC- to CCC+ and changed the [...]
International bookings for flights to Greece are beginning to rebound July 21, 2015 Here's an encouraging sign that Greece may be temporarily out of the quagmire: bookings for international flights to Greece have rebounded in the last week, having fallen in the first two weeks of July. Data by ForwardKeys published today showed that, while the number of bookings was 44 per cent lower than last year in [...]